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Meet The Two Newest Billionaires From Adobe's $20 Billion Dollar Figma Acquisition

Cofounders of Figma become billionaires after Adobe acquires them for $20 billion

September 15, 2022
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Figma was founded by Dylan Field and Evan Wallace to compete with Adobe's PhotoShop. With the acquisition of Figma, Adobe has now made them billionaires.

The deal doubles the valuation that Durable Capital and Morgan Stanley gave the San Francisco-based startup in June 2021. According to Forbes, Field and Wallace each own 10% of the company, which is now valued at $2 billion.

In its digital whiteboard product, Figma has been branded as the Google Docs or GitHub of designers, with a loyal user base in the millions.

Shantanu Narayen, Adobe's chairman and CEO, said the company's greatness lies in its ability to create new categories and deliver cutting-edge technologies through organic innovation and acquisition. “The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”

The acquisition marks Adobe's largest acquisition since its $4.75 billion purchase of Marketo in September 2018. In August 2021, Adobe acquired collaborative video editing and review software maker Frame.io for $1.2 billion.

In addition, the company reported $4.43 billion in revenue for the third quarter. After its fourth-quarter forecast fell below analyst expectations, Adobe shares fell 8.43% in premarket trading.

Field will continue to lead Figma after the deal closes in 2023. According to Adobe, Figma's annual recurring revenue will double to $400 million in 2022. According to Forbes, the startup generated $75 million in revenue in 2020.

While studying computer science at Brown University, Field and Wallace decided to start a company together. Field dropped out of college in 2012 to build what would become Figma after securing a Thiel Fellowship. Index Ventures, Greylock Partners, and Phoenix Court were early backers of the startup.

After four years, Field and Wallace launched the first version of their virtual sketch board for designers, which now counts Netflix, Airbnb, and Zoom as clients. The entire economy is moving from physical to digital, and design is just the latest chapter," Field told Forbes in 2021. The design process is a team sport, which is why it's collaborative in nature.

The challenges proved to be greater than either Field or Wallace had anticipated. The development of what would become Figma began in June of 2013. It wasn't until December 2015 that they launched their closed beta. Their first dollar wasn't charged until the summer of 2017. The Adobe acquisition is expected to be completed in 2023. During these times of development, Field had to keep his team focused and motivated while making a breathtakingly swift transition to being a CEO.

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