Web Hosting Applications Firm, Parallels, Acquires ModernBill

Renton, Washington- (The Hosting News) - March 27, 2008 - Server virtualization firm, Parallels, has entered into a merger acquisition of ModernGigabyte, the creators of the ModernBill automated billing system, while preparing for its Summit 2008.

Parallels will acquire all of the assets of ModernGigabyte, including products, services, intellectual property, and staff. ModernGigabyte products include: hosting and service provider billing system, ModernBill, real-time payment and credit card processing service, ModernAuthorize, automated delivery system for SSL cetificates, SSL Factory, automated domain registration service, ModernDNS, and real-time fraud checking service for online ordering, FraudGuardian. Financial terms of the acquisition were not disclosed. Parallels plans to maintain the current pricing structure of the products.

ModernBill may be offered along with Plesk for a complete reseller package, for dedicated hosting providers. Parallels ISV partners that have deployed the Application Packaging Standard (APS), will have a ready to deliver solution, for hosting companies to sell products.

The latest version of ModernBill is hoped to be the ideal complement to the Parallels family of control panels including Plesk, Virtuozzo, Parallels Pro and Helm. Development will continue to be performed by our development team and support processes will remain in place to ensure no interruption to your existing business. The acquisition will provide access to a wider array of resources to maintain the product more efficiently and effectively over the long term.

In the near future, Plesk will be bundled with ModernBill by many of Parallels channel partners, to provide one of the most advanced control panel integrations produced to date.

Finally, Parallels is preparing for its Summit 2008, scheduled to take place in Washington DC from May 19-20, instead of its regular gathering in Louisville for its 4th Annual Hosting Workshop. Parallels will combine its resources to offer all of the traditional labs in the past, along with the new activities scheduled.

Parallels (formerly SWsoft) is a worldwide leader in virtualization and automation software that optimizes computing for consumers, businesses, and service providers across all major hardware, operating systems, and virtualization platforms. Founded in 1999, Parallels is a fast-growing company with 900 employees in North America, Europe, and Asia.

To learn more about the Summit, please visit: www.parallels.com/summit.

For more information about Parallels, please visit: www.parallels.com.