The software, the existence of which was first reported by CNET on Wednesday, takes one's files and programs from a Windows XP or Vista PC and packages them up to be used on either a new PC or an existing one upgraded to Windows 7. If the programs are not compatible with Windows 7, Parallels uses its virtualization technology to allow the applications to run in the newer operating system.

Parallels Desktop Upgrade to Windows 7, as the product will be called, will go on sale next month with a suggested price of $49, including a high-speed USB cable, or $39 for a version without the cable.

"Parallels Desktop Upgrade to Windows 7 provides a simple and safe solution for Windows XP and Vista customers who want to successfully move to Windows 7 but may be overwhelmed by the process," Parallels CEO Serguei Beloussov said in a statement. "Whether people are refreshing an existing PC or moving to a new PC, all their programs, files, and user settings are automatically moved."

Parallels plans to announce the product at a Microsoft event in Paris on Thursday.

The product came about as the company was trying to figure out how it might use its technology to help solve the challenges associated with moving to Windows 7, according to Parallels product manager Mary Starman.