Adobe near deal to buy online design startup Figma, says report

An agreement may be announced as soon as Thursday, the people said, asking not to be identified because the information is private. The parties have been discussing a valuation of more than $15 billion for Figma, one of the people said.
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Adobe is set to release its earnings for the fiscal third quarter on Thursday. Deliberations are ongoing, and terms of a deal could still change, the people said. 

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Representatives for Adobe and Figma didn’t immediately respond to requests for comment. 

Figma spent several years in stealth mode before introducing browser-based tools that allow software designers to work together in real time. Its products allow collaborators to bypass the sometimes clumsy process of saving and sending their work to colleagues using a collection of disparate apps.

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The company, led by co-founder Dylan Field, saw demand jump during the pandemic with the rise of remote working. Customers include Airbnb Inc., Google, Netflix Inc. and Twitter Inc., according to its website. Figma’s backers include venture capital firms Kleiner Perkins, Index and Greylock. 

Adobe, a Wall Street favorite for more than a decade, has been pummeled in the tech downturn with its shares losing more than a third of their value since the start of the year. Investors have become increasingly skeptical about the dominance of Adobe’s creative software, and the company has been looking to expand into more consumer-friendly offerings.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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