September 16, 2022: -On Thursday, Adobe announced that it would acquire design software firm Figma in a deal worth approximately $20 billion in cash and stock.
Figma, founded in 2012, makes cloud-based creation software that allows teams to collaborate in real time. It competes head-to-head with Adobe’s XD program.
Figma, whose backers include the preferences of Index Ventures, Greylock Partners, and Kleiner Perkins, stands expected to generate over $400 million in annual recurring revenue this year, sources familiar with the company’s financials. Adobe confirmed Figma’s ARR would surpass $400 million exiting 2022.
Adobe said it would integrate some of the features from its other products, such as illustration, photography, and video technology, into Figma’s platform. Adobe sells software services for photo and video professionals, like Photoshop, Illustrator, Premiere Pro, and more.
“Adobe’s greatness is rooted in our ability to create new categories and deliver cuts-edge technologies through organic innovation and inorganic acquisitions,” said Shantanu Narayen, chairman, and CEO, of Adobe. “The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”
Once the deal closes, Figma founder and CEO Dylan Field will continue to run the company. He’ll report to David Wadhwani, president of Adobe’s digital media business.
Adobe also announced fiscal third-quarter results. It reported $4.52 billion in revenue, which beat analyst expectations of $4.43 billion. It reported adjusted earnings of $3.50 per share, topping Refinitiv estimates of $3.33 per share.
The company issued mixed guidance for the fiscal fourth quarter. Adobe said revenue in its fiscal fourth quarter would be $4.52 billion, compared to consensus estimates of $4.6 billion, according to StreetAccount. It expects to report earnings of $3.50 per share, adjusted above a StreetAccount forecast of $3.47 per share. Shares of Adobe slid more than 10% in premarket trading.
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