Adobe is acquiring Figma, a leading web design platform, for $20 billion in stock and cash, the company said Thursday. Adobe touted Figma's widely used collaborative design tools in its announcement. Figma had been the strongest competitor for Adobe's own web design tool, Adobe XD.
Figma will continue to operate autonomously while also having ways to accelerate its growth, Figma CEO Dylan Field said in a blog post Thursday.
"We will have the opportunity to incorporate their expertise in imaging, photography, illustration, video, 3D and font technology to the Figma platform," Field said. Figma will continue to be free for educational uses.
The transaction is expected to close in 2023, pending approval from regulators and Figma's shareholders.