Canada’s Corel acquires desktop virtualization company Parallels, financial terms not disclosed

Corel Corporation is acquiring privately held Parallels, best known for its Parallels Desktop for Mac virtualization software.Ottawa-based Corel announced the purchase of the Bellevue, Wash.-headquartered Parallels Thursday morning. Financial terms were not disclosed. Rumors of the pending acquisition have been swirling since late November, for a deal at the time that was suspected to be all-cash.Corel is a long-time graphics and creativity software powerhouse, having introduced its flagship CorelDRAW for Windows in 1989 and having acquired several other firms and products over the years, including Micrografx, WinZip, Roxio, and InterVideo.