Shantanu Narain, CEO of Adobe Systems Inc.
David Paul Morris | Bloomberg | Getty Images
Adobe announced Thursday morning that it will acquire design software company Figma in a deal worth about $20 billion in cash and stock.
Founded in 2012, Figma has created cloud-based design software that allows teams to collaborate in real time. It competes head-to-head with Adobe XD.
Adobe said it will integrate some features from its other products, such as illustration, photography and video technology, into the Figma platform. Adobe sells a range of software services for photo and video professionals, such as Photoshop, Illustrator, Premiere Pro, and more.
“Adobe’s greatness is rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,” said Shantanu Narain, Adobe Chairman and CEO. “The combination of Adobe and Figma is transformative and will accelerate our vision of collaborative creativity.”
Once the transaction is completed, Figma founder and CEO Dylan Field will continue to run the company. He will report to David Wadhwani, President of Adobe Digital Media.
Adobe shares fell more than 8% in premarket trading on Thursday.
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