App developer Corel has agreed to buy US-based desktop virtualisation software provider Parallels in a deal that would provide an exit to networking equipment producer Cisco, TechCrunch reported yesterday.
Founded in 1999, Parallels provides products which enable individual and enterprise customers to use and access applications and files on any device or any operating system.
The all-cash deal is expected to close in December 2018 and Parallels will continue to operate as an independent product.
In January 2013, Parallels secured an equity investment of an undisclosed amount from Cisco.
A year later, technology distributor Ingram Micro extended its strategic alliance with Parallels through a undisclosed amount of equity funding, reported by deals database PitchBook to be $300m.
In 2015, Parallels reportedly raised an undisclosed amount of funding from venture capital firms Endeavour Vision, KG Investments, Maxfield Capital and Savano Capital Partners, among others, according to PitchBook.