Adobe, one of the largest software companies in the world, has agreed to buy Figma, a competitor in Silicon Valley, for $20 billion.
Adobe acquires Figma
Adobe agrees to acquire one of its biggest design software competitors.
Adobe, a big software company, said on September 15 that it will buy Figma, a Silicon Valley company that makes design software and is a competitor, for $20 billion in cash and stock.
Deal making in the tech world has slowed down a lot this year, which is why the news came out. The deal is one of the biggest in recent years and the biggest software merger since Salesforce bought Slack for $28 billion last year.
The cloud-based design software from Figma lets more than one person work on the same project at the same time.
It goes up against Adobe’s XD programme. The company said that after the merger, Adobe will add some of its illustration and photography tools to Figma’s platform.
Crunchbase says that since its start in 2012, Figma has raised $333 million from investors like Index Ventures, Greylock Partners, and Kleiner Perkins.
Adobe said today that Figma’s co-founder and CEO, Dylan Field, will continue to run the company after the merger is complete.
The news didn’t seem to make Adobe investors very happy. After the merger was announced, shares of the company fell by more than 12 percent when the market opened in the morning.
