To usher in a new era of collaborative creativity, Adobe has announced that it will acquire design software company, Figma, for about $20 billion in cash and stock.
Founded in 2012 by Dylan Field and Evan Wallace, Figma facilitates visual team collaboration and makes design available to everybody. The company has a solid reputation for being a product design pioneer. It enables multi-player workflows, sophisticated design systems, and an extendable developer environment for everyone who builds interactive mobile and web applications to collaborate.
According to Adobe, the merger will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers. 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,” said Shantanu Narayen, chairman and CEO, Adobe. “The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”
“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.”
As a result of the merger, Figma will be able to integrate Adobe’s imaging, 3D, and video capabilities into its platform, according to Adobe. The company is aiming to reach millions of Figma users, who saw a surge in popularity as a result of employees’ ability to work remotely during the pandemic. Twitter, Google, News UK, and Netflix are a few of its customers.
Today, Adobe reported net income of $1.1 billion on revenues of $4.4 billion for the third quarter, up 13% year over year or 15% on a constant currency basis.
