This is the best summary I could come up with:
Following mounting pressure from regulators in the UK and EU, Adobe and Figma announced on Monday that both companies are mutually terminating their merger agreement, which would have seen Adobe acquire the Figma product design platform for $20 billion.
As a result of the termination, Adobe will be required to pay Figma a reverse termination fee of $1 billion in cash.
“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” said Adobe chair and CEO Shantanu Narayen in a statement.
“While Adobe and Figma shared a vision to jointly redefine the future of creativity and productivity, we continue to be well positioned to capitalize on our massive market opportunity and mission to change the world through personalized digital experiences.”
Developing…
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Awesome news. Bless the regulators fighting back.
As a result of the termination, Adobe will be required to pay Figma a reverse termination fee of $1 billion in cash.
This does bring a smile to my face. Maybe companies will actually stop trying to mass acquire everything when there are risks involved.
As a dude that uses Figma this makes my day!
Design software, think Photoshop/Illustrator but it’s more focused on website/app design.
Collaborative tool for drawing, sketching, charting, etc. in real time with others. Personally my team.uses it for the FigJam feature which lets us brainstorm ideas like on a whiteboard. It’s much easier to explain an idea with a whiteboard than in an email that tries to explain functions or features.
Builds web page mockups, with interactivity.
Designers these days should be thinking of the full web page. Hover states, transitions, where links go, accessibility, color, how it looks on mobile, desktop, 4k, etc.
Using Photoshop to build websites is so 2010s and modern designers use something like Figma for that.
They will just hire the same people or something.
$1 billion termination fee would be a termination fee of the century
