Adobe Inc is nearing a deal to buy online startup Figma, according to a report from Bloomberg. Figma makes online design collaboration tools, and has been a direct competitor to Adobe’s suite of products. A deal north of 15 billion dollars could be announced as early as Thursday. Adobe is set to release its earnings statement on Thursday while discussions are still ongoing, and the deal could still change.
Neither Adobe nor Figma have commented as of yet. Figma has announced the deal, and CDO Dylan Field has answered some questions on a Twitter thread:
THREAD: This morning we’re announcing that @Figma has entered into an agreement to be acquired by @Adobe !
More information here: https://t.co/eqJsSlkShq (1/9)
— Dylan Field (@zoink) September 15, 2022
Adobe has issued a press release as well.
Figma spent many years under the radar before introducing products that allow software designers to work together in real-time from a browser thus eliminating having to use third-party apps to share work with colleagues The company led by co-founder Dylan Field saw a demand rise during the pandemic due to remote working. Some of Figma’s popular clients include Google, Netflix, Microsoft, and Twitter.
Adobe has been a Wall Street favorite for more than a decade but has seen its shares tumble by more than a third since the beginning of the year. Investors have become worried as Adobe looks for more consumer-friendly offerings.