ADOBE
Adobe buys software startup Figma for $20 billion. Adobe will finance the deal partly with stock and partly with cash. Interestingly, in the context of this news, Adobe shares dropped 13% after the opening of the New York Stock Exchange. According to Anurag Rana of Bloomberg Intelligence, Adobe's share price is being hurt by the high cost of doing business. In fact, the deal was once considered the biggest acquisition in the software development market.
Figma helps you design your website and app from scratch, it has a simple interface and extensive collaboration features - users can comment on developments and make changes to the team in real time. The service took off during the pandemic, when many people switched to remote work. Figma's customers now include the largest international companies (Airbnb, Google, Herman Miller and Kimberly-Clark) and private users.
Figma was founded about ten years ago by Dylan Field and Evan Wallace. A year ago, the company was valued at $10 billion, so it's no surprise that $20 billion seems overpriced to analysts now.
As for Adobe itself, it is going through difficult times: since the beginning of the year, its shares have lost more than a third of their value. Investors are increasingly skeptical about the dominance of Adobe's line of software, which generates about 60% of the company's revenue, for design professionals. And when the company began actively promoting the relatively inexpensive Photoshop Express to private users and small businesses, it immediately faced fierce competition from Figma, Lightricks, and Canva.
The deal is expected to close in 2023, after receiving regulatory approval. After the closure, Field will continue to lead the Figma team, and the service itself will continue to operate on its own.
mundophone
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