There are multiple factors that could sour this deal from a financial standpoint. ARR multiples have been falling, interest rates have risen, and Adobe's performance has been quite strong without Figma.
Meanwhile, from what I've observed, Figma is approaching 100% market penetration among designers, so they will need to look beyond their core to sell things like Figjam to "normal" people. With full access to financials, Adobe may have seen the growth curve tapering off much sooner than expected. Just a hunch.
Meanwhile, from what I've observed, Figma is approaching 100% market penetration among designers, so they will need to look beyond their core to sell things like Figjam to "normal" people. With full access to financials, Adobe may have seen the growth curve tapering off much sooner than expected. Just a hunch.