Adobe made official this Thursday that it will buy Figma, the startup that developed online design tools, for 20,000 million dollars. Figma has developed a collaborative platform for design through the web, being mostly used by companies. In this way, the company brought some competition to Adobe’s operation.
The agreement had already been advanced by media such as Bloomberg. According to Adobe’s statement, the Photoshop owner will pay the $20 billion through a combination of cash and stock. Adobe says that by adopting Figma, “it will enter a new era of collaborative creativity.”
“Together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design, and inspire the global developer, designer, and creator communities,” Adobe said in a statement. From the company’s point of view, Adobe exiting this operation will have “a great opportunity in a fast-growing market.”
Details of the deal state that Figma’s CEO and employees will receive approximately six million additional Adobe shares. The deal is expected to be completed in 2023.
Figma was founded ten years ago by Dylan Field and Evan Wallace. The collaborative design software developed by the company is used by companies such as the Zoom or AirBnb video conferencing platform or even by Microsoft workers.
Following the completion of the transaction, Dylan Field, co-founder and CEO of Figma, will continue to lead the team and report directly to David Wadhwani, president of Adobe’s digital media business. Until the deal is completed, Figma will continue to operate independently.
In the statement made by Figma, it is mentioned that “Adobe is deeply committed to keeping Figma operating autonomously” after the closing of the operation.
By Bloomberg accounts, this could be even the biggest acquisition by an unlisted software company. Adobe stock is reacting to the announcement, down more than 11%.
In addition to the purchase announcement, Adobe also released results for the third quarter of the fiscal year. The company had record revenue of 4.43 billion, representing a year-over-year increase of 13%. The company’s profit was $1.48 billion in the quarter ended September 2, an increase of about 3% from a year earlier.
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Source: Observadora
