Software company Adobe has officially closed a deal to acquire Figma for a record $20 billion in cash and stock, the company announced. The deal is one of the largest ever in the tech industry.
Figma experienced unique growth during the pandemic, as many tech company teams were working remotely and had to adapt their workflows to an entirely online environment. However, the acquisition by Adobe arouses a negative attitude among some of the current users of the platform – they are worried that the giant will make changes in the way of work and increase the prices.
What is the purpose of Figma officially? Her desire is to help teams collaborate visually and create design that is accessible to all. The company was founded by Dylan Field and Evan Wallace in 2012 and is a pioneer in product design on the web.
The new combined company is expected to have a huge, fast-growing market opportunity and the ability to generate significant value for customers, shareholders and, of course, the industry.
Adobe chairman and CEO Shantanu Narayen says the combination of the software company and the startup is transformative and will accelerate their vision for co-creation.
The deal is expected to officially close next year. Until then, it must go through the necessary regulatory checks, as well as the approval of Figma’s shareholders. Dylan Field will continue as a company manager, but will report to David Wadhavani, head of Adobe’s digital media business.