Adobe takes over design software firm Figma By CIOTechOutlook Team

Adobe takes over design software firm Figma

CIOTechOutlook Team | Friday, 16 September 2022, 03:32 IST

Adobe, a leading provider of software, announced that it will buy design software maker Figma for roughly $20 billion in cash and equity. Figma, which was created in 2012 by Dylan Field and Evan Wallace, was an online design pioneer.

The combination of Adobe and Figma will usher in a new era of collaborative creativity.

"Adobe's greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions," said Shantanu Narayen, Chairman and CEO, Adobe.

"The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity," he added.

Figma has a total addressable market of $16.5 billion by 2025.

The company is expected to add approximately $200 million in net new ARR this year, surpassing $400 million in total ARR exiting 2022.

"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.