Adobe acquires web design platform, Figma, in $20 billion deal

US multinational computer software company, Adobe, has acquired web design platform, Figma, in a deal worth $20 billion in cash and stock.

Adobe made the announcement via its verified Twitter account on Thursday.

The deal, according to the company, was in the form of half cash and half stock.

“We are thrilled to share our intention to acquire @Figma. Together, we will usher in a new era of collaborative creativity,” the tweet read.

Adobe plans to bring some of the functionality of its other products, such as illustration, photography, and video technology, into Figma’s platform.

READ ALSO: 7.5 Million Adobe Accounts Exposed By Security Error – Reports

Prior to the acquisition, Figma was famous for its cloud-based design software that allows teams to collaborate in real time.

However, product designers speculate that the new acquisition could lead to an increase in service subscriptions on the product.

Join the conversation


Support Ripples Nigeria, Support Solutions Journalism

Balanced and fearless journalism, driven by data, has huge financial costs.

As a media platform, we hold leaders accountable and we will not trade the right to freedom of the press and freedom of expression for a piece of cake.

If you like what we do and are willing to support solutions journalism, please donate to the Nigeria Ripples cause.

Your support would help ensure that citizens and institutions continue to have free access to credible and reliable information for the development of society.

Donate now