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What about that $20 billion Figma-Adobe deal? • londonbusinessblog.com

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Bloomberg reported this morning that was Adobe close to buying Figma, a former startup and unicorn in the private market in the design space, for about $20 billion. The Photoshop maker then confirmed the deal with a release and a short investor presentation. londonbusinessblog.com’s coverage of the announcement is here.

Shares of Adobe were down more than 15% after the news.

The transaction is huge in dollars, making it worth unwrapping. Below, we’ve gathered information about Figma’s size in terms of revenue, considered its cash flow position, and discussed what the transaction could mean for other similarly sized companies awaiting the current IPO drought.

Before we do all that real work, though, can I say that I’m oddly disappointed with the deal?


The Exchange explores startups, markets and money.

Read it every morning on londonbusinessblog.com+ or get The Exchange’s newsletter every Saturday.


Figma is somewhat of a classic success story for startups and venture capital. After launching in 2013, Figma regularly attracted outside investment through a mid-2021s Series E worth $200 million, with the software upstart valued at approximately $10 billion, per Crunchbase data. At one point, selling for just double a last venture round would be a lower exit price than what investors had hoped when they made the investment. But! Doubling a valuation from the 2021 era into 2022 is a huge win, given how far the valuation bands for tech companies have shifted in the past year.

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