Adobe competitor Figma went public Thursday on the New York Stock Exchange in a debut that saw the price of its first public trade nearly triple from the $33 per share the company and its institutional investors offered it up at, to $85, for a valuation of about $50 billion, well beyond the $20 billion the San Francisco-based design software startup agreed to in 2022 to essentially be acquired by Adobe. That deal was nixed by European regulators, who determined the move would stifle competition. Figma shares closed Thursday at $115.50, for a valuation of $67.7 billion. Continue reading Software Firm Figma Stuns with $67.7 Billion Valuation in IPO

Design software startup Figma is rolling out new products and AI upgrades that aim to make the company a one-stop creative ecosystem for taking projects from concept to execution without any third-party apps. At its flagship Figma Config event in San Francisco, the company introduced new products for branded marketing, digital illustration, website building and AI coding, all designed to compete with leaders in the field. “In a world where software is growing exponentially, design is a differentiator that will make great companies and products stand out,” said Figma CEO and co-founder Dylan Field. Continue reading Figma Intros AI-Powered Web Building App, Marketing Tools

Figma is rolling out its third redesigned user interface, UI3, aimed at making the company even more competitive with Adobe. New are native AI features that accelerate workflows, letting teams build high-quality software. Available in limited beta, Figma AI adds the ability to generate design drafts with a single prompt, enabling rapid experimentation and prototyping. The move advances Figma’s goal of moving beyond design tool to a full-blown product development platform, while making the service intuitive and friendly enough for novices while maintaining the full features demanded by Sigma’s professional users. Continue reading Figma Redesigns Its User Interface and Adds New AI Features

In the wake of increasing pressure from European regulators, Adobe and Figma announced they are terminating their proposed merger agreement. California-based Adobe had planned to purchase Figma’s cloud-based product design platform for $20 billion, a proposal that was 15 months into the regulatory review process. However, the two companies eventually agreed there was no possibility of obtaining regulatory approval from the European Commission and the UK Competition and Markets Authority (CMA). According to a regulatory filing, the decision to cancel the deal will require Adobe to pay Figma a reverse termination fee of $1 billion in cash. Continue reading Adobe and Figma Call Off Their Proposed $20 Billion Merger

Adobe announced it plans to purchase rival digital design suite Figma for $20 billion in cash and stock. The news was disclosed as part of its Q3 earnings report, which saw revenue of $4.43 billion, exceeding analysts’ expectations. Despite the healthy cashflow, Adobe says it may have to finance part of the deal, which will have to clear regulatory hurdles in a very pro-competition environment. Founded in 2011, Figma released its first product in 2015, leveraging the WebGL API to create real-time collaborative tools for web-based design teams “working together beyond company walls.” Figma lists Airbnb, Conde Nast and Github among its users. Continue reading Adobe Will Purchase Digital Design Rival Figma for $20 Billion