Adobe is no longer having major competitors after taking over the ownership of Figma for $20B
This is one of the smartest moves that Adobe took that will see it enlarging its consumer base and profitability
Both the WSJ and Bloomberg reported earlier this morning that Adobe was close to announcing the deal to acquire Figma.
Adobe took this decision to match with its third quarter earnings and reports.
According to Adobe's Q3 earnings the company post revenues of $4.43 billion and non-GAAP earnings per share of $3.40
However, the company was quick to say that they may need to take a loan to facilitate the transaction
“Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies,
"...through organic innovation and inorganic acquisitions,” said Shantanu Narayen, chairman and CEO, Adobe,
“The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.” He added.
"...we can further reimagine end-to-end product design in the browser, while building new tools and spaces..." Dylan Field, co-founder and CEO, Figma said