Adobe To Acquire Design Platform Figma For $20 Billion

Adobe announced today that it would buy Figma, a design software company, in a deal worth approximately $20 billion in stock and cash. 

Figma was founded in 2012 and provided cloud-based software that allows teams to work in real time. 

It is in direct competition with Adobe's XD software. Adobe said it would integrate features from other products,

Such as illustration, photography, and video technology, into Figma's platform. 

Adobe offers various services to photo and video professionals like Photoshop, Illustrator and Premiere Pro.

Shantanu Narayen (chairman and CEO of Adobe) stated that Adobe's greatest strength is

 its ability to create new categories and deliver cutting-edge technologies through organic acquisitions. 

The combination of Adobe/Figma is transformative and will accelerate our vision of collaborative creativity.

Figma founder Dylan Field, CEO and president of the company, will continue to lead it after the deal is closed. 

He will report to David Wadhwani (president of Adobe's digital media company). 

Premarket trading saw Adobe shares drop by more than 8% on Thursday.