“Parallels has a massive set of customers and we see cross-selling opportunities for the Corel suite there.” “We see a lot of awesome opportunities,” Nichols says. From there, overaps in the backend systems and in the sales and marketing operations will be identified. Parallels will operate as an independent unit within Corel for at least a year, Nichols says, as the firms get to know one another. “Given the scale, the synergies, the technology leverage that our customers will see in our road map, it makes sense,” he says. On the same call, Parallels CEO Jack Zubarev says his private firm, which began with venture capital investments in 2001, was at the point of maturity that shareholders asked him to evaluate options for a buyer. Parallels was a good target because it has a similar go-to-market strategy, Nichols says, one that involves both direct online sales and two-tier distribution with various resellers around the world. “We’ll continue to be on the hunt for new opportunities.” “We take some of that profit and we use it to acquire new businesses or we invest it in the products we have,” he said in an interview with IT World Canada. He says Corel, a private company, has been profitable over the years. It’s the third acquisition that Corel CEO Patrick Nichols has made this year and he says more are on the way.
Corel says that it plans “significant investment into the Parallels business” and sees a chance to grow the combined business through the two firms’ customer bases and partner networks. announced on Thursday that it has acquired Parallels, a software vendor best-known for the desktop virtualization software that allows Windows to run on Mac OS computers.įinancial details of the deal were not disclosed in a press release.
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