Adobe to acquire Figma for a record breaking USD 20B deal

It was announced recently by Adobe that they’ll be acquiring Figma with a record-breaking deal of USD 20B worth of cash and stocks.

Figma, initially released last 2016, is one of the leading collaborative web application and it is also known as a cloud-based UI designing and prototyping tool which are preferred by many IT professionals and companies.

Based on their announcement, Adobe will be integrating its imaging, photography, illustration, video, 3D, and font technology into the Figma platform, further enhancing the collaborative web application. This also happened because the web became a known platform for teams to collaborate easier and it is seen in most of the tools used by people right now from editing to non-editing apps like Canva, Slack, Discord, Google Docs and many more.

This aligns with Adobe’s plan of expanding its reach and products by working on Web platforms of its apps like its Adobe Acrobat Web version and of course the most recent one, the Photoshop free web version that’ll run in a Freemium model, similar to Canva.

“Figma has built a phenomenal product design platform on the web,” said David Wadhwani, president of Adobe’s Digital Media business. “We look forward to partnering with their incredible team and vibrant community to accelerate our joint mission to reimagine the future of creativity and productivity.”

“With Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging, and fonts, we can further reimagine end-to-end product design in the browser, while building new tools and spaces to empower customers to design products faster and more easily,” said Dylan Field, co-founder, and CEO, Figma.