Adobe To Scoop This Leading Online Design Startup For $20B In Cash and Stock Deal

Adobe Inc ADBE agreed to acquire Figma, a leading web-first collaborative design platform, for $20 billion in cash and stock.
Dylan Field, Figma's co-founder and CEO will continue to lead the Figma team, reporting to David Wadhwani, president of Adobe's Digital Media business.
Figma spent several years in stealth mode before introducing browser-based tools to allow software designers to work together in real-time, Bloomberg reports.
Its products allow collaborators to bypass the sometimes clumsy process of saving and sending their work to colleagues using a collection of disparate apps.
Figma saw demand jump during the pandemic with the rise of remote working.
Adobe held $5.3 billion in cash and equivalents as of June 3.
Price Action: ADBE shares traded lower by 8% at $341.79 in the premarket on the last check Thursday.

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