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Parallels Appoints New CEO; Considers IPO in 2011

Files under: Enterprise, News, Tech
Posted by: admin @ 11:53 [24. 02. 11]

Virtualization software company Parallels, which has R&D offices in Moscow and Novosibirsk of Russia, was said to be discussing IPO on NASDAQ in autumn 2011, according to newspaper Kommersant. Another fact will now imply about upcoming IPO. The company appointed seasoned executive with IPO experience, Birger Steen as new CEO. Birger took over CEO position from Parallels founder Serguei Beloussov who will continue as Executive Chairman of the Board and Chief Architect. Birger Steen was CEO of Scandinavia Online AB that was listed on the Stockholm and Oslo Stock Exchanges in 2000.

Founded in 1999, Parallels reported revenues of more than $100 million in 2010. The company is profitable with a gross margin of more than 90 percent. Parallels, which is headquartered in Seattle, employs over 800 staff globally.

Parallels holds 78 percent of cloud services enablement and desktop virtualization market, according to NPD Group. Its Parallels Desktop for Mac is the number one selling software for running Windows and Mac applications side-by-side on a Mac without rebooting.

In 2005, Intel Capital, Bessemer Venture Partners and Insight Venture Partners made an investment in Parallels. In 2009, Almaz Capital Partners acquired Insight stake in Parallels. In 2010, Siguler Guffs Russian investment firm, Russia Partners invested in Parallels.

The Russian search engine company Yandex plans $1 billion IPO on NASDAQ in summer 2011.

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