Figma will be acquired by Adobe for around $20 billion in cash and stock. Adobe made it official in a press release after rumors of a possible acquisition surfaced. It is a big deal in the design and development world as Figma has been competing with Adobe products.

Adobe and Figma will change the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers, according to Adobe. The combined company will be able to drive significant value for customers, shareholders and the industry.

Figma was founded 10 years ago by Dylan Field and Evan Wallace, and the platform has become important for many businesses. Figma is used by thousands of designers and developers at Microsoft. It has been used so much at Microsoft that it has been testing its relationship with Adobe.

An example of collaboration in Figma
Figma is a powerful design tool for businesses.
Image: Figma

Adobe and other competitors have struggled to compete with Figma's focus on the web. Figma products and services will probably be bundled into Adobe Creative Suite at some point in the future, as Adobe now plans to combine its own community with Figma.

Figma won't be changed until then. Dylan Field, co-founder and CEO of Figma, says that they plan to run Figma the same way they have always done it. Figma is operated autonomously by Adobe. Field will continue to serve as CEO.

Figma wants to use Adobe's expertise to improve product design on the web. New tools and spaces will be built to empower customers to design products faster and more easily.

We might get a better idea of Adobe's plans later today when the company holds a conference call with investors at 7AM.