Adobe has officially confirmed a $20 billion acquisition of Figma, a web design application, in an attempt to compete with its biggest rival.
Figmas products will be combined with some pre-existing features, such as photography, illustration, and video technology, according to the creative design software company. Adobe offers paid features such as After Effects, Behance, Illustrator, Photoshop, and Premiere Pro.
Adobe and Figma working together is transformational, and it will undoubtedly accelerate the overall vision for collaborative creativity, said Adobe CEO Shantanu Narayen.
For its part, Figma, which was founded in 2012, expects to generate more than $400 million this year. Kleiner Perkins, Index Ventures, and Greylock Partners have all previously invested in web design platforms.
Dylan Field, Figma CEO, seemed enthusiastic about the collaboration, believing there is massive potential for both parties as well as features designers who can gain a lot from this collaboration.
The combination of the two companies may even result in more NFT initiatives before long. In fact, Adobe already entered the NFT sector when the company announced last October that it would integrate an NFT preparation feature into Photoshop. Among other things, the option will allow users to prove ownership of their NFTs.
 
Adobe Acquires Figma
Subscribe to the CryptoWeekly Newsletter
Get the top stories, funding deals, technical analysis, cryptocurrency jobs and much more delivered to your inbox, every Monday morning.
April 27,2024
Eminem Gets Involved With Crypto Through New Ad
April 26,2024
ConsenSys Fights Back Against The SEC And Initiates Legal Action
April 26,2024
Popular Crypto Influencer Sentenced To Seven Years In Prison
April 25,2024
Solana Community Looks Forward To Much Needed Update
April 25,2024
Bitcoin Makes History By Becoming The Scarcest Asset In The World
April 24,2024
HBAR Skyrockets After BlackRock Successfully Tokenizes MMF On Hedera
April 24,2024
Jack Dorsey Will Tap Into Africa For New Bitcoin Mining Initiative
April 23,2024
12 Solana Meme Coin Projects Listed As Scams By ZachXBT
April 23,2024
Drama At The SEC As Two Lawyers Accused Of Cheating In Crypto Case
April 22,2024
Crypto Community Highly Concerned About Section 702 Renewal
April 22,2024
Adidas Remains Committed To NFTs Despite Lack Of Institutional Interest
April 22,2024