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...Adobe did not immediately reply to a request for comment. Figma declined to comment....
...Adobe’s offer for Figma values the company at 50 times its annual recurring revenue....
...As excitement has grown over its use of the technology, Adobe’s shares have risen more than 25 per cent over the past six months....
...If valued on a similar sales multiple to Adobe it would be below $9bn. Adobe was willing to value Figma at 50 times forward revenue — five times more than peers....
...Adobe will pay Figma $1bn in a termination fee under the terms of the merger agreement. Shares in Adobe were up 3 per cent on Monday....
...rivals to Adobe’s Photoshop and Illustrator applications....
...Hawkins, who could not be immediately reached for comment, is a former Adobe executive and has been with TikTok since June 2020....
...Ely Greenfield, chief technology officer at Adobe, said not charging extra for generative AI was the best way to get the technology “into as many of our customers’ hands as possible”....
...The estimated $12bn to $12.4bn spent online on Monday topped last year’s $11.3bn on the same day, according to Adobe....
...“We remain confident in the merits of the case as Figma’s product design is an adjacency to Adobe’s core creative products and Adobe has no meaningful plans to compete in the product design space,” Adobe...
...Adobe disputed those claims, stating that it wanted to offer customers new products....
...Citi’s AI “basket”, for example, offers a one-stop shortlist of apparent AI beneficiaries such as Adobe, the design software company....
...Getty Images will give hundreds of thousands of users access to a new artificial intelligence image-generating tool, as a global intellectual property debate intensifies around the fast-moving technology...
...Smaller stocks, such as Cadence Design Systems and Adobe, have also done well....
...Adobe’s defence is expected to be that this is a vibrant market where others can still thrive, and will stress that Figma and Adobe are complementary to each other....
...Last week, a verdict was passed down in the case of Walkers Snack Foods Ltd v Commissioners for His Majesty’s Revenue and Customs, with first-tier tribunal judges Anne Fairpo and Sonia Gable ruling against...
...Watching closely are other tech companies seeking to complete deals, such as Adobe, whose proposed $20bn bid for design software company Figma is also being investigated by the CMA....
...In that vein, the verdict on Adobe’s $20bn purchase of design software company Figma, or on Broadcom’s $69bn deal to buy VMware, could prove more informative than Microsoft’s mega-deal....
...The defining technology merger of 1998 was Microsoft’s purchase of Compu-Global-Hyper-Mega-Net, Homer Simpson’s internet start-up, for an undisclosed price....
...But that is to be expected: what is galling is that it lags behind its smaller peers Adobe and Intuit, and even the much smaller and faster-growing ServiceNow....
...The final problem is that Figma competes with Adobe XD, launched in 2019....
...How can a company that leads in one technology switch horses to a disruptive new thing that may be about to consume its market?...
...The merger will allow Figma to bring Adobe’s capabilities in imaging, 3D and video on to its platform, said Adobe....
...Email me your thoughts at sid.v@ft.com. Latest news Amy Kazmin in Rome has a fascinating piece on why Giorgia Meloni is pushing back on Italy’s shift to digital payments....
...Adobe’s record-breaking $20bn purchase of design software company Figma is the biggest acquisition of a venture capital-backed US company in history....
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