Technology

Adobe buys Figma collaborative development platform

Founded in 2012 and based in San Francisco, the group raised $200 million for a total of $10 billion in June 2021. (Photo: 123RF)

New York – Adobe (ADBE, $309.33, down 16.74%) will acquire collaborative design platform Figma for $20 billion, half of which will be funded by stocks and half by cash. competitors.

Despite the current difficult situation for the technology sector, marked by a sharp decline in the stock market and unfavorable funding conditions, the amount offered by Adobe is much higher than Figma’s estimate during its last fundraiser in June 2021.

Founded in 2012 and based in San Francisco, the group has actually raised $200 million at a total valuation of $10 billion.

Adobe expects the company to generate $400 million in recurring revenue in fiscal 2023, according to a presentation released Thursday, in addition to an acquisition announcement expected to close in 2023.

In electronic trading before the opening of the exchange, the Adobe title fell more than 10%.

In just a decade, Figma, which today has about 850 employees, has established itself as a reference tool in many companies, including several tech giants, to the point where it can compete with established companies like Adobe.

Creator of the so-called PDF (Portable Document Format) and Photoshop editing software, Adobe has among its products the collaborative design tool Adode XD.

“Figma has created a phenomenal design platform for the web,” said David Wadhwani, president of digital media at Adobe, quoted in a press release for which the alliance will enable “create new tools and spaces to help customers design products faster and easier.” .

The agreement provides that Figma CEO and co-founder Dylan Field will remain in charge of the company, reporting to David Wadhwani.

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