Vector Capital’s Corel to acquire VC-backed Parallels: report

Corel Corp has agreed to acquire Parallels, a Bellevue, Washington-based provider of cross-platform virtualization and automation software, according to a report by TechCrunch.

No financial terms were disclosed in the all-cash deal, the report said.

Based in Ottawa, Corel is a graphics, productivity and digital media software provider. It is owned by U.S. private equity firm Vector Capital, which took the company private in 2003 and 2010.

Founded in 1999, Parallels is backed by Bessemer Venture Partners, Insight Venture Partners, Intel Capital, Maxfield Capital and other investors.