Adobe is scooping up the smaller design platform for a huge sum, but Figma's CEO says it will continue operating autonomously.
Adobe is spending $20 billion to acquire the collaborative design platform Figma, the companies announced Thursday. The deal, comprised of approximately half cash and half stock, is expected to close in 2023.
While Adobe is a behemoth in the design world, Figma over the past 10 years pioneered product design on the web. Along the way, it amassed millions of users, including a loyal student following, as Adobe noted.
Once the deal closes, Figma co-founder and CEO Dylan Field will continue to lead the Figma team. He'll report to David Wadhwani, president of Adobe's Digital Media business.
"Adobe is deeply committed to keeping Figma operating autonomously," Field wrote in a blog post, adding that he will collaborate with Wadhwani on how to continue growing Figma's business. "The entire Figma team will report to me. We plan to continue to run Figma the way we have always run Figma — continuing to do what we believe is best for our community, our culture, and our business."
That said, Field added that "this is a big change, especially for a platform you rely on every day."
He walked through what the acquisition will mean for the Figma platform and its users. For instance, the company will be able to improve the platform by incorporating Adobe's areas of expertise, including imaging, photography, illustration, video, 3D, and font technology.
"Additionally, we will have the opportunity to reimagine what the best creative tools could look like within the Figma technology stack," Field said.
Figma continues to expand into new areas over time while simultaneously improving products like Figma Design, FIGJAM, and the Figma community platform. The Friends of Figma program will continue to grow into new communities.
Adobe added; "The combination of Adobe's and Figma's communities will bring designers and developers closer together to unlock the future of collaborative design.'
There are currently no plans to change Figma's pricing, and the platform will continue to be free for education.