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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.

Parallels was founded in 1999, and its products include Parallels Desktop for Mac, Parallels Toolbox for Windows and Mac, Parallels Remote Application Server and Parallels Access.

Corel says it now will offer the complete Parallels product line and plans what it calls “significant investment” into the Parallels business.

“We’re excited to welcome our new Parallels employees to Corel’s global organization,” said Patrick Nichols, CEO of Corel, in a statement. “From our highly complementary product portfolios to our shared business models and strategies, Corel and Parallels are a great fit.”

Corel, once publicly traded, is now owned by private equity firm Vector Capital. “As part of Corel, Parallels is joining an impressive collection of industry leading brands, including CorelDRAW, WinZip, ClearSlide, and MindManager,” said Rob Amen, managing director of Vector Capital in the statement. “One of Vector’s most successful investments, Corel has delivered an exceptional platform for acquisitions.”

The companies have not yet said what the acquisition means for Parallels’ Bellevue location or its staffing. Corel said it was represented by Sidley Austin LLP in making the transaction.

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