Adobe Inc agreed on Thursday (15) to acquire cloud-based designer platform Figma for $20 billion, sparking investor concerns about the rich price tag that led to a drop of more than $30 billion in the market value of the Photoshop maker.
The cash-and-stock deal, the biggest buyout of a privately-owned software startup, will give Adobe ownership of a company whose web-based collaborative platform for designs and brainstorming is widely popular among tech firms including Zoom Video Communications (ZM.O), Airbnb Inc and Coinbase (COIN.O).
Adobe Chief Executive Officer Shantanu Narayen hailed Figma's business as "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 Figjam.
The $20-billion exit marked a major win for Figma's venture capital backers, including Index Ventures, Greylock Partners and Kleiner Perkins.
Source: www.reuters.com
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