Figma for About $20Billion
Adobe today announced that it would acquire Figma for $20 billion, taking out one of its biggest rivals in the realm of digital design.
Both the WSJ and Bloomberg reported earlier this morning that Adobe was close to announcing the deal to acquire Figma. In the end, Adobe confirmed the news to coincide with its quarterly earnings.
Those Q3 earnings saw the company post revenues of $4.43 billion and non-GAAP earnings per share of $3.40, which respectively met and exceeded analysts’ expectations. Nevertheless, the company said that it might need to finance this deal with a loan, and it provided a lukewarm outlook for the next quarter, with revenues expected to be $4.52 billion and EPS of $3.50, citing “the overall macroeconomic environment” and “FX headwinds”.
Its stock is trading down nearly 10% pre-market open — one sign of how Adobe likely hoped the news of consolidating and taking out a rival could give it a boost.
Figma works on any operating system that runs a web browser. Macs, Windows PCs, Linux machines, and even Chromebooks can be used with Figma. It is the only design tool of its type that does this, and in shops that use hardware running different operating systems. Everyone can still share, open, and edit Figma files.
In many organizations, designers use Macs and developers use Windows PCs. Figma helps bring these groups together. Figma’s universal nature also prevents the annoyance of PNG-pong . In Figma, there is no need for a mediating mechanism to make design work available to everyone.