Solstice has just announced that its founder, Graham Kos, and unnamed outside investors have purchased a controlling interest in the company. The purchase essentially buys out the holdings of the Parallel management team, with which Solstice merged in late 2006.

As a result of this restructuring Graham Kos will be CEO and President and the other key executive is his Solstice co-founder Jeff Scult.

Tim Wolff and Chad Morse, the co-founders of Parallel, are stepping down from their management positions, although they both remain members of the club.