It’s going to be counted in as one of the biggest deals of 2022 as Adobe has agreed to buy software design platform Figma Inc. This software deal worth $20 Billion will help Adobe to expand its designing tools range for creative professionals.
Adobe To Buy Figma For ₹20 Billion
An earlier released Bloomberg report was confirmed when Adobe announced the deal, which is a mixture of cash and stock (50-50), which is going to be the biggest software deal. Also, Adobe shares fell about 7 per cent in early market trading sessions.
Figma, which is a software design platform that allows its customers to collaborate as they build it, recorded the ascending demand during the pandemic period amid people working remotely. The company had also “expanded its customer base in recent years from software designers at big companies like Airbnb Inc., Google, Herman Miller Inc. and Kimberly-Clark Corp. — to also include individuals building lightweight games, maps and presentations”, mentioned livemint.
Adobe, Wall Street big shot, had seen itself being bashed in the tech downswing and has lost over a third of its value since the year started. Thus it has made the investors more suspicious about Adobe’s dominance in the software world for designing professionals, through which the company makes its 60 per cent revenue.
Figma, a San Francisco-based design company, was co-founded by Dylan Field and Evan Wallace a decade ago. The company’s successful business model designed a browser-based software design mechanism which allowed designers to collaborate on their work in real-time. Which helped them to bypass the lengthy process of saving and sending their work to get a reply back using contrasting softwares. The company was valued at ₹10 billion last year in its funding session. Figma’s backers include Early-Stage Investment Firms, “Kleiner Perkins, Index Ventures and Greylock Partners.”