Adobe said on Thursday it will buy online design startup Figma for about $20 billion to expand its portfolio of platforms focused on collaboration in the era of hybrid work.
The leading software company that houses the most renowned graphics and photo editing applications such as Photoshop and After Effects is increasingly venturing into the collaborative tools space.
The Figma cash-and-stock deal gives Adobe ownership of a company whose online collaborative platform for projects and brainstorming is used by companies from Zoom to Airbnb and Coinbase.
Adobe shares, which had cash and cash equivalents of $3.87 billion as of Sept. 2, are down nearly 8% premarket.
The company also released earnings on Thursday, with its fourth-quarter revenue forecast of $4.52 billion coming in below the $4.58 billion estimated by analysts, according to Refinitiv data.
Source: CNN Brasil
Joe Jameson, a technology journalist with over 2 years of experience, writes for top online news websites. Specializing in the field of technology, Joe provides insights into the latest advancements in the industry. Currently, he contributes to covering the world stock market.
