Adobe, a US software house best known for its video and digital graphics products such as After Effects, Premiere Pro and Photoshop, has announced that it has reached an agreement for the acquisition of software company Figma. It is an operation from $20 billion in cash and stock.
The details of the agreement between Figma and Adobe
Founded in 2012 Figma creates cloud-based design software which allows teams to collaborate in real time and is also a direct competitor to Adobe's XD program. The company was valued at $10 billion during its latest funding round in 2021. According to CNBC, Figma is expected to generate more than $400 million in annual recurring revenue this year.
Adobe has announced that it will integrate some of the features of its other products, such as illustration, photography and video technology, into the Figma platform.
Furthermore, according to the provisions, at the end of the transaction, Dylan Field, co-founder and CEO of Figma, he will continue to lead the Figma team, reporting to David Wadhwani, president of Digital Media Business at Adobe.
"Adobe's greatness is rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions," said Shantanu Narayen, president and CEO, Adobe.Combination of Adobe and Figma it is transformative and will accelerate our vision for collaborative creativity.”
Adobe accounts
Adobe also announced irFiscal third quarter results, closed with adjusted earnings per share of $3,4 per share, higher than Refinitiv's estimates of $3,33 per share. The quarterly turnover, which amounts to 4,43 billion dollars, instead met the expectations of analysts. Adobe is forecast to report revenue of $4,52 billion in the fourth quarter of its fiscal year, with earnings per share of $3,4 billion.
On the Nasdaq, following the announcement of the deal, the Adobe title it dropped 12,6% to 324,68 dollars.
