Adobe on Thursday announced that it would acquire Figma for $20 billion in cash and stock deal.
Figma, Adobe XD competitor, was founded in 2012 by Dylan Field and Evan Wallace.
A new age of creative collaboration will start due to the merger of Adobe and Figma. It’s big news for the designers and developers. A lot of designers preferred Figma over Adobe’s XD.
During its most recent investment round in 2021, the company received a $10 billion valuation.
Co-founder and CEO Dylan Field will continue to run the company even after the acquisition.
By 2025, Figma’s addressable market will be worth $16.5 billion in total.
“Adobe’s excellence has been rooted in our ability to establish new categories and provide cutting-edge technology through organic innovation and inorganic acquisitions,” stated Shantanu Narayen, CEO of Adobe.
“The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity,” he said.
Some of the functionality from illustrator, photoshop, and other apps will be incorporated by Adobe into Figma.