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Shares were off 16.9% in Thursday morning trading and on track to log their largest single-day percentage decline since Sept. Adobe’s profit exceeded the consensus view, but the company fell short with its revenue outlook for the ongoing quarter.

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SWFI is a minority-owned organization.The maker of Photoshop, Illustrator, and other creative software tools also delivered a mixed financial report Thursday. SWFI facilitates sovereign fund, pension, endowment, superannuation fund and central bank events around the world. Sovereign Wealth Fund Institute (SWFI) is a global organization designed to study sovereign wealth funds, pensions, endowments, superannuation funds, family offices, central banks and other long-term institutional investors in the areas of investing, asset allocation, risk, governance, economics, policy, trade and other relevant issues.

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Sequoia Capital led the Series C round in 2019. Figma raised US$ 25 million in a Series B round in February 2018 in a round led by Kleiner Perkins and joined by Greylock Partners and Index Ventures. Figma’s backers include Index Ventures, Greylock Partners, and Kleiner Perkins Caufield & Byers. It competes head-to-head with Adobe’s XD program.įigma was valued at US$ 10 billion in its last funding round in 2021. Until the transaction closes, each company will continue to operate independently.Īllen & Company LLC is serving as financial advisor to Adobe and Wachtell, Lipton, Rosen & Katz is serving as legal advisor in connection with the transaction.įigma was founded in 2012 and it creates cloud-based design software that allows teams to collaborate in real time. Upon the closing of the transaction, Dylan Field, Figma’s co-founder and CEO, will continue to lead the Figma team, reporting to David Wadhwani, president of Adobe’s Digital Media business. The transaction is expected to close in 2023, subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of Figma’s stockholders. Adobe expects the cash consideration to be financed through cash on hand and, if necessary, a term loan. Approximately 6 million additional restricted stock units will be granted to Figma’s CEO and employees that will vest over four years subsequent to closing. Under the definitive agreement, Adobe has agreed to acquire Figma for approximately $20 billion, comprised of approximately half cash and half stock, subject to customary adjustments.

Some of the largest shareholders in Adobe besides ETF giants like Vanguard Group Inc., BlackRock, and State Street, include Polen Capital Management LLC, Primecap Management, MFS, Fisher Investments, and AllianceBernstein.

Upon official news of the deal, shares of Adobe sank 17%, their biggest plunge since 2010. in a deal worth about US$ 20 billion in cash and stock. announced that it will acquire design software firm Figma, Inc. SWALLOW: Adobe to Acquire Rival Software Design Firm Figma for $20 Billion in Cash and StockĪdobe Inc.

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