A big change in the world of digital design. Adobe announced early on Thursday the acquisition of its biggest rival in the digital design industry, Figma for $20 billion in cash and stock.
Figma is cloud-based software, founded in 2012, and allows teams to collaborate visually and create designs in real-time. It is known as the biggest competitor of Adobe.
In the announcement, adobe said that together Figma and Adobe will review the future of creativity and productivity, advance product designs, accelerate creativity on the web and inspire the global community of designers and developers.
Together will have massive and fast-growing market opportunities and drive significant value to the users.
Figma is web-based design software that Adobe and other rivals are struggling to compete with. Now Adobe is combining its community with Figma and plans to bundle Figma’s services and products with Adobe Creative Suite in the Future.
“Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,” said the CEO of Adobe, Shantanu Narayen.
There is a huge opportunity and will accelerate the growth and innovation of Figma by accessing Adobe’s technologies and resources like imaging, photography, illustration, video, 3D and Font technology to the Figma platform, said Dylan Field, Co-founder and CEO of Figma.
The acquisition is comprised of half cash and half stock. Adobe says it will also include 6 million additional restricted stock units granted to Figma’s CEO and employees and will vest over four years to closing. It is expected that transaction to close in 2023.
Once the deal close, Dylan Field, Co-founder, and CEO of Figma will continue to lead Figma, he’ll report to David Wadhani, president of Adobe’s Digital Media Business.
We’ll continue to run Figma as it always runs – continue to do what is best for our community, culture, and our business said Dylan Field.
Field says that the combined company will make new tools and products to empower our customers to design products faster and more easily.
The company will hold a live conference and will add much more details to the acquisition.
Check back for more updates.