Adobe to acquire design platform Figma for $20 billion

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Adobe announced Thursday morning that it will acquire design software firm Figma in a deal worth about $20 billion in cash and stock.

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Figma, founded in 2012, creates cloud-based design software that allows teams to collaborate in real time.

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It competes head-to-head with Adobe’s XD program.

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Figma, whose backers include the likes of Index Ventures, Greylock Partners and Kleiner Perkins, is expected to generate over $400 million in annual recurring revenue this year, sources familiar with the company’s financials previously told CNBC.

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Adobe confirmed Figma’s ARR will surpass $400 million exiting 2022.

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Adobe said it will integrate some of the features from its other products, such as illustration, photography and video technology, into Figma’s platform.

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Adobe sells a range of software services for photo and video professionals, like Photoshop, Illustrator, Premiere Pro and more.

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Adobe also announced fiscal third quarter results. It reported earnings of $3.50 per share, adjusted, topping Refinitiv estimates of $3.33 per share.

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It posted $4.52 billion in revenue, which beat analyst expectations of $4.43 billion.

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