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Adobe Buying Digital Design Startup Figma for $20 Billion
Adobe announced it is buying digital design startup Figma for $20 billion, resulting in a significant consolidation in the industry.
Figma is a web-based digital design platform that competes with Adobe. In late August, CNBC broke the news that Figma’s popularity among Microsoft employees was testing the longtime relationship between Adobe and the Redmond-based giant.
It appears Adobe has come up with the ultimate solution to that problem, while also eliminating any other competition from Figma: buy the company. The deal is worth approximately $20 billion, half cash and half stock.
“Figma has built a phenomenal product design platform on the web,” said David Wadhwani, president of Adobe’s Digital Media business. “We look forward to partnering with their incredible team and vibrant community to accelerate our joint mission to reimagine the future of creativity and productivity.”
“With Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging and fonts, we can further reimagine end-to-end product design in the browser, while building new tools and spaces to empower customers to design products faster and more easily,” said Dylan Field, co-founder and CEO, Figma.
Adobe expects the deal to close in 2023, subject to standard regulatory approval. It remains to be seen if the deal will receive approval, with lawmakers in multiple jurisdictions cracking down on tech giants buying out smaller competitors.
Adobe Buying Digital Design Startup Figma for $20 Billion
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