App developer Corel has confirmed its acquisition of US-based desktop virtualisation software provider Parallels, enabling networking equipment producer Cisco to exit.
The company has not disclosed the size of the purchase but earlier reports of the prospective transaction described it as an all-cash deal.
Parallels has created a suite of software products that enable users to access applications and files on any device or any operating system. Corel will add Parallels’ product tools, including Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac and Parallels Access, to its software portfolio.
Cisco invested an undisclosed amount in Parallels in 2013, before the company raised an undisclosed amount of equity funding from IT product distributor Ingram Micro reported by deals database PitchBook to be $300m a year later.
Parallels subsequently raised an undisclosed amount from Endeavour Vision, KG Investments, Maxfield Capital and Savano Capital Partners in 2015, according to PitchBook.