January 22, 2007
Parallels acknowledges ownership by SWSoft
Company had been feted as a startup success story until revelations of SWsoft's ownership crashed the party
1 RecommendationParallels, which makes Parallels Desktop for Mac software, acknowledged Monday that it is owned by SWSoft after a report in Fortune magazine broke news of the relationship between the companies.
Parallels Desktop for Mac software has won kudos from critics and users, but the general perception of the company was that it was a startup success story. SWsoft's ownership of the company changes that view.
SWSoft, a company that focuses on server-side virtualization, "quietly" purchased Parallels three years ago, said Benjamin Rudolph, a Parallels spokesman. However, Parallels has operated as an independent company since then and will continue to do so, he said.
A joint press statement by Serguei Beloussov, CEO of SWsoft, and Nick Dobrovolskiy, CEO of Parallels, also acknowledged SWsoft's purchase of Parallels but said the companies will continue to focus on different segments of the virtualization market.
"About virtualization specifically, management of both companies has always believed that these different types of virtualization each has its own advantages," the CEOs said in the statement. "And both types can work side-by-side for maximum benefit."
SWsoft is backed by investment from well-known venture capital firms Intel Capital, Insight Venture Partners, and Bessemer Venture Partners.
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