Figma Acquired for $20B by Adobe

Adobe today announced that it will acquire its biggest digital rival Figma

The acquisition took place in half cash and half stocks as said by Adobe team

Along with these $6M worth of restricted stock will be given to the CEO and employee of the Figma Company

Stocks will be vested for four years until the closure. The closure is expected by 2023

“Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,” said Shantanu Narayen, chairman and CEO, Adobe,

"With Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging and fonts, we can further reimagine end-to-end product design in the browser, while building new tools and spaces to empower customers to design products faster and more easily,” added Dylan Field, co-founder and CEO, Figma.