Adobe Got Figma!
Adobe Inc agreed on Thursday to acquire Figma, whose products are used by software developers to collaborate, for $20 billion, sparking investor concerns about the rich price tag that led to a drop of more than $30 billion in the market value of the Photoshop maker.
The deal is expected to close in 2023 and San Francisco-based Figma will continue to be led by co-founder and Chief Executive Dylan Field. Either company will have to pay a termination fee of $1 billion if they scrap the deal. Meanwhile, Adobe's fourth-quarter revenue forecast of $4.52 billion came in below the $4.58 billion estimated by analysts, according to Refinitiv data. Third-quarter profit also fell nearly 6 per cent, reflecting the hit from a stronger dollar and higher costs.
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