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.
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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.
—Adobe (@Adobe) September 15, 2022
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