Adobe Inc. agreed to buy software design startup Figma Inc. for approximately $20 billion in order to expand its tools for creative professionals.
The Adobe deal, which is half cash and half stock, confirms an earlier Bloomberg report and would be the largest takeover of a private software company ever. In premarket trading, Adobe shares fell about 7%. During the pandemic, demand for Figma, which allows customers to collaborate on software as they build it, increased as more people worked remotely. In recent years, the company's customer base has expanded from software designers at large corporations such as Airbnb Inc., Google, Herman Miller Inc., and Kimberly-Clark Corp. to individuals creating lightweight games, maps, and presentations.