The Clap
Adobe (NASDAQ: ADBE) has revealed its intention to acquire rival Figma, in a deal worth about $20 billion in cash and stock.
The Deets
Adobe indicated that it will integrate some features from its other products, such as illustrator, photography and video technology, into the Figma platform.
Once the transaction is completed, Figma founder and CEO Dylan Field will continue to run the company reporting to David Wadwani, President of Adobe Digital Media.
Figma
Figma, founded in 2012, created a cloud-based design software allowing groups to collaborate in real time, competing with Adobe’s XD program.
Related News
Adobe recorded earnings per share of $3.50 for Q3 2022, beating analysts’ estimates of $3.33 per share, while revenue was recorded at $4.52 billion, beating expectations of $4.43 billion.
Its shares, however, fell more than 10% in pre-market trading.
Adobe set to acquire Figma 💸
