Adobe just made a big announcement about team-based creative work. The company is acquiring the online famous collaborative design platform Figma for roughly $20 billion in cash and shares. According to Bloomberg’s Katie Roof, this is the largest buyout of a private software company to date.
Adobe hopes the deal will “accelerate” web creativity and also boosts the Creative Cloud suite’s technology on the internet. The two firms expect the purchase to close sometime in 2023 if they receive approval from regulators and shareholders.
The co-founder and chief of Figma Dylan Field will continue to lead his company if and when the takeover finalizes, but will report to Adobe’s digital media lead David Wadhwani.
