Parallels Desktop is a virtualization application for the Mac that runs Windows and supported Linux distributions alongside macOS. According to the vendor, Windows 11 runs on Apple silicon Macs. Windows programs can be used next to Mac apps, files can be dragged between the systems, and Mac hardware such as the camera is available in the guest. Editions are Standard, Pro (command-line interface and developer tools), Business (central administration, volume licensing, Jamf and Intune integration) and Enterprise (management portal, golden images, SSO/SAML). It is an installed app, sold by subscription or, for Standard, as a one-time purchase.
Parallels International GmbH is the company named on the vendor's website. Parallels is owned by the US investment firm KKR, which also owned Corel. The software is proprietary. Virtual machines run locally on your Mac, so guest data stays on the device. The vendor pages consulted do not state where licensing and account services are hosted. A US owner means US law such as the CLOUD Act can be relevant for data the vendor controls.