If they are somewhat related you could have them on the same site with an overview of both on home page and then a link to a subdirectory for each product's info pages. Example Hunky HTML software + Cutesie CSS editor would go fine on the same site.
The reason it can be good to have separate sites is for search engines so you can have targeted domain name and homepage title tags for each.
If you plan to have these as major products and want the best long term strategy what many companies do is have a corporate site that has overviews of both then link to the targeted domain for each product.
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