Adobe is acquiring rival Figma for $28 billion

Adobe is acquiring rival Figma for $28 billion
PHOTO: Figma

Adobe has just announced it is acquiring Figma, a popular design platform that competes with Adobe's XD product, for around US$20 (S$28 billion) billion in cash and stock. This will be Adobe's largest ever acquisition by some margin. The last time Adobe made a record acquisition was back in 2018 when it acquired Marketo for US$4.75 billion.

Adobe said:

Together, Adobe and Figma 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 and Figma expect the deal to close sometime in 2023 if it receives the necessary approval from regulators and shareholders. And when that happens, expect Adobe to bundle some of Figma's products and services into Adobe Creative Suite. Until then, Figma will continue to be run by Dylan Field, co-founder and CEO of Figma, and will report to Adobe president David Wadhwani.

Field said:

We plan to continue to run Figma the way we have always run Figma - continuing to do what we believe is best for our community, our culture and our business. Adobe is deeply committed to keeping Figma operating autonomously.

Figma also said that it wants to leverage Adobe's expertise in imaging, photography, illustration, video, 3D, and font and incorporate them into Figma's platform.

ALSO READ: Adobe launches Creative Cloud Express, a free online app for anyone to create

This article was first published in HardwareZone.

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