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The design software company, Adobe, has announced its acquisition of Figma.
Figma is a web design application that Adobe is acquiring for $20 billion, with an intent to take on its biggest rival. Adobe aims at merging some of its existing features like photography, illustration, and video technology with Figma’s products.
David Wadhwami, President of Digital Media Business at Adobe, is not worried about the fact that this acquisition deal happened during the global market downturn and he perceives that Figma is one of the best companies to acquire at this point. The merger of the two companies might boost the game of NFT initiatives, something the firm has been trying out since 2021.