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Figma balls
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Submitted 11 months ago by L4s@lemmy.world [bot] to technology@lemmy.world
Comments
pimento64@sopuli.xyz 11 months ago
autotldr@lemmings.world [bot] 11 months ago
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…
The original article contains 135 words, the summary contains 135 words. Saved 0%. I’m a bot and I’m open source!
tengkuizdihar@programming.dev 11 months ago
$1 Billion breakup fee sounds like a free $1 Billion dollar to me. Like, what kind of logistical nightmare does Figma have gone through to need $1 Billion as a consolation prize?
AnomalousBit@programming.dev 11 months ago
I had to think about this before it became apparent to me as well. Adobe is and probably will be one of Figma’s biggest competitors and they just let Adobe see how the secret sauce is made. At least they walked away with a fat check for it.
All you little tech companies out there need to be alert. Be it Adobe, Apple or some other tech giant: if they come knocking with a proposition to acquire you with a check that has stupid number of zeros on it, they might just be stealing your IP while you’re giving them the full tour of your company only to leave you high and dry afterwards. Guess it only makes sense at least when it comes to Apple and Microsoft stealing all that precious IP from Xerox PARC.
m.slashdot.org/story/413400