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Parallels Eyes IPO

It’s planning to use the money raised to expand in the $40 billion cloud services market

Ah, this is a story to warm the cockles of the capitalist heart.

Parallels, the originally Russian virtualization company best known for letting Windows run on Macs, is figuring on going public in the second half according to what it told Bloomberg the other day.

It all depends on market conditions of course but it's planning to use the money raised to expand in the $40 billion cloud services market where it already counts Sprint Nextel, American Movil, Telenor, CenturyLink and Rackspace as clients.

The company, understood to be profitable, reportedly had revenues of $100 million in 2008 and having already made a slew of small acquisitions will doubtless make more.

IDC recently put Parallels customer and partner count at 5,000 and projected it could ultimately reach 12 million SMBs worldwide.

Parallels has been prepping for this IPO moment for a while. Last year it brought in a new CFO and new technology chief from Microsoft. In January it sold Cisco a 1% position for some undisclosed amount of money to calm Cisco's itch to scratch out at VMware after it bought Nicira and give it a virtualization alternative.

Parallels is also backed by Intel capital and Bessemer Venture Partners.

Bloomberg said Parallels Russian-born co-founder Serguei Beloussov now has a Singapore passport. He also has his own VC arm, Runa Capital.

More Stories By Maureen O'Gara

Maureen O'Gara the most read technology reporter for the past 20 years, is the Cloud Computing and Virtualization News Desk editor of SYS-CON Media. She is the publisher of famous "Billygrams" and the editor-in-chief of "Client/Server News" for more than a decade. One of the most respected technology reporters in the business, Maureen can be reached by email at maureen(at)sys-con.com or paperboy(at)g2news.com, and by phone at 516 759-7025. Twitter: @MaureenOGara

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