Image Source: Alexander Shatov
One of the greatest stories these days was the 20 billion dollar acquisition of Figma by Adobe! Almost all creators of visual material utilize Figma, which is undoubtedly one of the most popular design tools available today.
Adobe opted to purchase Figma, perhaps understanding they were going to lose the competition.
Adobe's $20 billion purchase of Figma on Thursday is what some could call a narrative violation in a year that has seen precisely zero high-profile tech IPOs and much more news stories about major layoffs than big fundraising rounds. According to a person familiar with the situation who wanted to remain anonymous because the information is private, there was no other bidder out there driving up the price.
Over the past few years, Adobe has been increasingly troubled by the cloud-based software built by Figma. It has been catching on like wildfire among designers at businesses large and small since it is less expensive (there is even a free tier), simpler to use, collaborative, and cutting edge. For the second year in a row, annualized recurring revenue is expected to more than quadruple and approach $400 million in 2022.
Background: According to a person familiar with the procedure, Adobe first contacted Figma many months ago. Both a formal auction procedure and a fresh round of private investment were not attempted by Figma.
Bloomberg has more information: "Before offering browser-based tools that let software designers collaborate in real-time, Figma spent several years operating covertly. With the help of its products, collaborators may avoid the occasionally awkward process of storing and transmitting their work to peers utilizing a variety of unrelated apps."
The bottom line: With users' expectations rising, this serves as a stark reminder of the importance of design in the IT industry.
It's a design tool service with a fantastic lifetime free membership, to put it briefly. Despite the fact that their branding places a strong emphasis on "UI/UX Design," Figma has excellent community plugins and features that make it possible to meet the demands of every designer.
In fact, we utilize Figma for all of our visual needs, as do many well-known social media accounts.
This purchase is not strange or unexpected. Adobe presumably wants fewer competitors because it dislikes it too much. especially when there is just one available and it may be put to several uses.
We still don't know what this will mean for UI and UX Designers and Adobe surely may try to modify it or handle it basically exactly as it is now. After some time, other options can emerge But we know that for designers, this purchase is definitely significant!