Which cloud company profits most from Microsoft Office 365 and hosted software like Exchange, SharePoint and Lync? The obvious answer is Microsoft (NASDAQ: MSFT). But my number two guess is Parallels.

Admittedly, Parallels isn't profiting "directly" from Office 365 and Microsoft's other hosted applications. But Parallels does enjoy a big "indirect" benefit from those hosted applications. The company makes an automation platform that allows service providers to deploy and manage SaaS applications. Parallels says its partners have grown their hosted Exchange seats by 47 percent year over year.

Also, hundreds of service providers worldwide have launched their SaaS applications atop Parallels. True believers include AppRiver, BlackNight, Charter Communications, Cobweb, Dualtec/Nomer, Insight, KT, KPN, LuxCloud, Outsourcery, Portugal Telecom (PT), SKB Kontur, SoftCom, STAR, TDC, TMNet, UOL Diveo and UPC.

The latest Parallels adopter: Dell, which just introduced Office 365 to customers. Parallels, by the way, is the foundation for many service providers that "syndicate" Office 365 to end-customers.