The United States multinational computer software company, Adobe, has acquired web design platform, Figma in a deal worth $20 billion in cash and stock.
Adobe made the announcement via its verified Twitter handle on Thursday.
The deal, according to the company, took the form of half cash and half stock.
“We’re excited to share our intent to acquire @Figma. Together, we will usher in a new era of collaborative creativity,” the tweet read.
Adobe plans to integrate some of the features from its other products, such as illustration, photography, and video technology into Figma’s platform.
Before the acquisition, Figma was famous for its cloud-based design software that allows teams to collaborate in real-time.
However, product designers are speculating that the new acquisition might lead to increase in service subscriptions on the product.
— Adobe (@Adobe) September 15, 2022
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