American multinational computer software Adobe announced that it will acquire the design startup Figma for $20 billion, taking out one of its biggest rivals in the digital design space.
Figma CEO, Dylan Field, says that with Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging and fonts, they 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.
The $20 billion acquisition price represents a sizable leap for Figma, which was valued at just over $2 billion in 2020 and last valued at $10 billion in June 2021 during the startup’s $200 million in a Series E funding round.