The $20B Figma-Adobe Deal

Adobe has confirmed that it is buying Figma, a former startup and private-market unicorn in the design space, for around $20 billion.

The transaction is massive in dollar terms, making it worth our while to unpack. Below we’ve collected information on the size of Figma in revenue terms, considered its cash flow position and chatted through what the transaction could mean for other companies of similar size that are waiting out the current IPO drought.

Before we do all that real work, however, can I just say that I am oddly bummed by the deal?

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