A little over a year ago, Adobe announced that they were acquiring Figma, We snickered a bit about their statement that this would “usher in a new era of collaborative creativity”.
Alas, the new era is now canceled.
Adobe announced today that they’re calling off the acquisition:
Although both companies continue to believe in the merits and procompetitive benefits of the combination, Adobe and Figma mutually agreed to terminate the transaction based on a joint assessment that there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.
And note this:
The companies have signed a termination agreement that resolves all outstanding matters from the transaction, including Adobe paying Figma the previously agreed upon termination fee.
That fee is a cool $1 billion. For a company whose revenue is about $17-18 billion a year with a profit around $5 billion, that’s a quite a hit.
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I enjoy writing technical articles here on LowEndBox to help people get more out of their systems. You can find me on LowEndTalk @raindog308
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