I am not sure but I think Ampa is correct.
As I understand it Xara (in the UK) as a company was acquired by Magix (in Germany) but continues to trade as Xara whilst making some of their technology available for inclusion in Magix Products.
Interestingly I just upgraded to Xara Xtreme Pro 4 and it comes with Magix Panorama Studio (even though there is a pano tool included in Xtreme Pro) it also includes MAGIX Xtreme Photo Designer 7 (as did Xtreme Pro v3.2).
It seems there is a lot of crossover between the two branded products - but I am not sure what the Magix suite is based on (I presume the standard Xtreme 3.2 but I can't be sure as I don't have a copy).
Does you Magix product have any copyright info on the Xara components (including dates) so that we can do a comparison. If you can't see anything under Help>About check the program folder and look in individual file properties.
Here is the press statement http://site.xara.com...eases/2007-01-30.asp
Doesn't help much though.
Just looking at the Magix website ... the products list seems to suggest that Xara Xtreme Pro is a separate product:
It also has to be said that the Xara branded products also come with a lot of extra content (clipart, templates and fonts) that don't appear to be included in the downloadable Magix products (at least not in full). As far as I know Xara only sells CD/DVD based 'physical' products and the downloadable versions they supply are stop gap versions (without the extra content) while you wait for the packaged product to arrive.
Just so that you know I am an affiliate with Xara (see my website Dales Computer Services in my signature) - though only because I know and recommend the software from personal use and experience.