Thursday, October 06, 2022
Outlook.com
Outlook India
Outlook Business
+

Adobe To Buy Figma In Cash-And-Stock Deal Worth $20 Billion

Figma, founded in 2012, allows those who design interactive mobile and web applications to collaborate through multi-player workflows, sophisticated design systems, and a rich developer ecosystem

Adobe To Buy Figma In Cash-And-Stock Deal Worth $20 Billion
POSTED ON September 16, 2022 11:49 AM

Software company Adobe is buying online design company Figma in an approximately USD 20 billion cash-and-stock deal.

Figma, founded in 2012, allows those who design interactive mobile and web applications to collaborate through multi-player workflows, sophisticated design systems, and a rich developer ecosystem.

The companies said that Figma's web-based, multi-player capabilities will accelerate the delivery of Adobe's creative cloud technologies on the web, making the creative process more productive and accessible to more people.

San Jose, California-based Adobe sells software for creating, publishing and promoting content, and managing documents.

“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,” Figma co-founder and CEO Dylan Field said in a statement.

Each company will run independently until the transaction closes. At that time, Field, who will continue to lead the Figma team, will report to David Wadhwani, president of Adobe's Digital Media business.

The deal is expected to close next year. It still needs approval from Figma's shareholders.

Adobe Inc.'s stock fell more than 9 per cent before the market open on Thursday. 

  • Related Articles

    Without disclosing financial details of the acquisition, upGrad said Centum is expected to clock a revenue of Rs 170 crore in the financial year 2023

    Edtech Start-Up upGrad Acquires Centum Learning

    Tata 1mg's revenue from operations in FY21 stood at Rs 134.04 crore and its net loss was Rs 281.41 crore. Its other income for the financial year ended March 31, 2021, was Rs 24.14 crore

    Tata 1mg Revenue Surges 66% To Rs 222 Crore In FY22; Net Loss Narrows To Rs 146 Crore

    Flipkart, which owns a majority stake in Paytm's competitor PhonePe, will host its annual festive season sale between September 23 - 30, 2022

    Paytm Partners With Flipkart For 'Big Billion Days' Sale