15 Sep, 2022
1 min time to read

Adobe announced it is planning to acquire Figma, thus taking out one of its biggest rivals in the realm of digital design.

Adobe has entered into a definitive merger agreement to acquire Figma for approximately $20 billion comprised of approximately half cash and half stock. The deal is expected to close in 2023, “subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of Figma’s stockholders.”

Adobe announced the news to coincide with its quarterly earnings. The Q3 earnings saw the company post revenues of $4.43 billion and non-GAAP earnings per share of $3.40, which respectively met and exceeded analysts’ expectations.

Together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers,

Adobe announced on its website.

The company hopes that Figma's web design solutions will significantly improve its products as it plans to "drive significant value for customers, shareholders and the industry."

Figma’s web-based, multi-player capabilities will accelerate the delivery of Adobe’s Creative Cloud technologies on the web, making the creative process more productive and accessible to more people.