Business
Shantanu Narayen-Led Adobe To Acquire Design Software Firm Figma For $20 Billion
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Adobe on Thursday (15 September) announced it has entered into a definitive merger agreement to acquire Figma, a leading web-first collaborative design platform, for approximately $20 billion in cash and stock.
Founded by Dylan Field and Evan Wallace in 2012, Figma, which allows customers to collaborate on software as they build it, saw demand jump during the pandemic while more people worked remotely.
The startup introduced browser-based software design tools that allow software designers to work together in real-time, bypassing the sometimes clumsy process of saving and sending their work to collaborators using a collection of disparate apps.
The company was valued at $10 billion in its last funding round a year ago, reports Livemint.
Adobe said that the combined company will have a "massive, fast-growing market opportunity and capabilities to drive significant value for customers, shareholders and the industry".
“Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,” Shantanu Narayen, chairman and CEO, Adobe said in a statement.
“The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity," he added.
"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.
Under the definitive agreement, Adobe has agreed to acquire Figma for approximately $20 billion, comprised of approximately half cash and half stock, subject to customary adjustments, Adobe said in a statement.
The transaction is expected to close in 2023, subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of Figma’s stockholders.
Upon the closing of the transaction, Dylan Field, Figma’s co-founder and CEO, will continue to lead the Figma team, reporting to David Wadhwani, president of Adobe’s Digital Media business, the statement said.
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