Adobe said in September that it expected to close the deal in 2023 but the agreement allows that to be extended to 2024.
The Justice Department and Federal Trade Commission under the Biden administration has increased antitrust enforcement against deals it views as anticompetitive. FTC chair Lina KhanFacebook-parent Meta Platforms Inc.'s $400 million plan to buy Within Unlimited Inc., the virtual-reality app developer.
The deal prompted an immediate outcry from users of Figma who said Adobe was taking a major competitor off the market and reducing their choices. When it announced the deal Adobe said Figma's recurring revenue from its collaboration softwareused to design apps and websites was expected to hit $400 million this year. Adobe’s rival XD product reportedly brings in about $17 million a year in annual recurring revenue.
But Adobe General Counsel Dana Rao told Politico that his company and Figma are not"meaningful competitors." "Figma is a leader in the product design market, focused on building a collaborative web platform. Adobe is a leader in the creative tools space," Rao said.We will unveil the rankings of our top corporate philanthropy companies for cash giving and honor our Community Impact Award Winners, while also hearing from corporate philanthropy leaders about what's top of mind for them.
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