Corel said it will acquire Parallels in a move that gives it more software heft and tools to run Windows on Apple's Mac platform.
Terms of the deal weren't disclosed.
Corel said it will invest in Parallels product portfolio, which includes Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac, Parallels Access, Parallels Mac Management for Microsoft SCCM, and Parallels Remote Application Server (RAS).
Parallels faces stiff competition from VMware Fusion platform. Corel's brand is a blast from the past, but has a suite of products that are designed to compete with Adobe's Creative Cloud.
The plan for Corel is to combine its cross-platform software with Parallels applications and services to cover multiple platforms ranging from Windows to Mac to cloud to Raspberry Pi.
Parallels CEO Jack Zubarev said the deal is a cultural fit and can boost innovation in the space.