Adobe is eyeing for high growth with Figma
Innovation is a continuous process. Visualising things for the growth momentum ,could be clearly visible from the recent acquisition of Figma. Figma, a 10 year old “cloud-based design software allows teams to collaborate in real time,” that competes with Adobe’s XD program. The online design company is acquired by Adobe for $20 billion cash-and-stock deal.
Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers. Adobe also revealed that it expects the deal to be accretive to its earnings three years after its completion.
Figma founder Dylan Field said, with Adobe's amazing innovation and expertise, especially in 3D, video, vector, imaging and fonts, we can further reimagine end-to-end product design in the browser, while building new tools and spaces to empower customers to design products faster and more easily. Figma software also enables individuals to build games, maps and presentations and is popular with students. During pandemic the demand spikes, and added new software designers from big companies such as Airbnb, Google, Herman Miller and Kimberly-Clark
Figma aims to help those who design interactive mobile and web applications to collaborate through multi-player workflows, sophisticated design systems and a rich developer ecosystem. Whereas, Adobe sells software for creating, publishing and promoting content, and managing documents.
Shantanu Narayen, Chief Executive Officer of Adobe, called Figma's business "the future of work" and said there were "tremendous opportunities" in combining it with his company's offerings, such as document reader Acrobat and online whiteboard Figma. They have a fabulous product that appeals to millions of people, they have escape velocity as it relates to their financial performance and a profitable company, which is very rare, as you know, in software-as-a-service companies.” Adobe needs the growth and new user base from Figma to maintain its dominant position in design. Narayen sees the long-term payoff for Figma and Adobe shareholders.
Both Adobe and Figma will run independently until the transaction closes and Field, who will continue to lead the Figma team, will report to the president of Adobe's Digital Media business David Wadhwani. The deal is expected to close in 2023, subject to regulatory approvals.
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