Dylan Field Blog Post
A New Collaboration with Adobe
Dylan Field
Co-founder & CEO, Figma
September 15, 2022
Today, we’re announcing that Figma has entered into an agreement to be acquired by Adobe. This has been in the works over the past few months and I’m so excited to finally share this news with the world.
Ten years ago, Evan and I set out on a journey to make design accessible to all. Looking back, I’m proud to say we’ve made progress through introducing Figma to designers of all ages, geographies, and levels of experience.
Looking ahead, we’re still barely scratching the surface. There’s such an opportunity (and need!) to make design and developer tools more collaborative and accessible. When we started Figma, our stated vision was to “eliminate the gap between
imagination and reality.” I believe we can reach this goal substantially faster through our plan to join forces with Adobe and leveraging their legendary team plus decades of expertise.
While this is not the end of the story, it is the closing of a chapter, and I want to thank all the Figmates (past and present), community members, and customers who helped us reach this milestone. You bet on us before there was a reason to —
before cursors flying across the screen was normal, before design was at the center of the product process and before we knew what we were doing. Milestones are mirrors through which we can see the hard work of many and I am so grateful.
I understand this is a big change, especially for a platform you rely on every day. So I want to elaborate more on our plans for how this acquisition will work operationally and why I believe this is a partnership that will ultimately benefit
you and the Figma platform.
1. There is a huge opportunity for us to accelerate the growth and innovation of the Figma platform with access to Adobe’s technology, expertise and resources in the creative space. For example, we will have the opportunity to incorporate
their expertise in imaging, photography, illustration, video, 3D and font technology to the Figma platform. Additionally, we will have the opportunity to reimagine what the best creative tools could look like within the Figma technology stack.
2. Adobe is deeply committed to keeping Figma operating autonomously and I will continue to serve as CEO, reporting to David Wadhwani. David is someone I’ve known for a few years now and we have a strong relationship of mutual respect; I’m
very excited for us to collaborate with him on how to continue growing Figma’s business. The entire Figma team will report to me. We plan to continue to run Figma the way we have always run Figma — continuing to do what we believe is best for our
community, our culture and our business.
My goal is that we look back at this acquisition as an inflection point where Figma started building even faster. Yes, we want to expand into new areas over time, but we also want to continue making Figma Design, FigJam and the Figma community
platform even better. One of the trickiest design decisions is when to make a new capability a separate tool vs part of an existing tool. Please know that we have some fun ideas on how to address this issue.
While we have big ambitions on the product side, many other things will remain the same for you. Our Friends of Figma program will continue spreading to new local communities. Recognizing that we are in an unpredictable, inflationary
environment, we currently have no plan to change Figma’s pricing. Finally, all of Figma will continue to be free for education. Figma’s education offering was a critical part of our conversations and Adobe is completely aligned on growing the
number of designers / developers / creatives in the world.
Like many of you, I grew up using Adobe software and it was a critical part of my personal creative journey. It is an incredible opportunity and honor to help Adobe build the next generation of creative tools. Especially in a time when
AI-generated models make us question the role of human creativity, this opportunity is also a huge responsibility. I look forward to the years ahead and continuing to serve this amazing community.
Disclaimer
September 15, 2022
Forward-looking Statements
In addition to historical information, this communication contains forward-looking statements within the meaning of applicable securities law, including statements regarding the expected timing, completion and effects of the proposed
transaction, product plans, future growth, market opportunities, strategic initiatives and industry positioning. In addition, when used in this communication, the words “will,” “expects,” “could,” “would,” “may,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “targets,” “estimates,” “looks for,” “looks to,” “continues” and similar expressions, as well as statements regarding our focus for the future, are generally intended to identify forward-looking statements. Each of
the forward-looking statements we make in this communication involves risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Factors that might cause or contribute to such differences
include, but are not limited to: expected revenues, cost savings, synergies and other benefits from the proposed transaction, such as Adobe’s ability to enhance Creative Cloud by adding Figma’s collaboration-first product design capabilities and
the effectiveness of Figma’s technology, might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater
than expected; the requisite regulatory approvals and clearances for the proposed transaction may be delayed or may not be obtained (or may result in the imposition of conditions that could adversely affect the combined company or the expected
benefits of the proposed transaction); the requisite approval of Figma shareholders may be delayed or may not be obtained, the other closing conditions to the transaction may be delayed or may not be obtained, or the merger agreement may be
terminated; business disruption may occur following or in connection with the proposed transaction; Adobe’s or Figma’s businesses may experience disruptions due to transaction-related uncertainty or other factors making it more difficult to
maintain relationships with employees, customers, other business partners or governmental entities; the possibility that the proposed transaction is more expensive to complete than anticipated, including as a result of unexpected factors or
events; diversion of management’s attention from ongoing business operations and opportunities as a result of the proposed transaction or otherwise and those factors discussed in the section titled “Risk Factors” in Adobe’s Annual Report on Form
10-K and Adobe’s Quarterly Reports on Form 10-Q. The risks described in this communication and in Adobe’s filings with the U.S. Securities and Exchange Commission (the “SEC”) should be carefully reviewed. Undue reliance should not be placed on
these forward-looking statements, which speak only as of the date they are made. Adobe and Figma undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this
communication, except as required by law.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed acquisition of Figma, Adobe will file a registration statement on Form S-4 with the SEC to register the shares of Adobe common stock to be issued in connection with the proposed transaction. The registration
statement will include a consent solicitation statement/prospectus, which will be sent to the shareholders of Figma seeking their approval of the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE CONSENT SOLICITATION STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED
WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT ADOBE, FIGMA AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain copies of these documents, when available, as well as other documents filed by Adobe with the SEC, free of charge from the SEC’s website at www.sec.gov or by accessing Adobe’s website
at https://www.adobe.com/investor-relations.html or by contacting Adobe’s Investor Relations department by calling (408) 536-4700, by writing to Investor Relations, Adobe Inc., 345 Park Avenue, San Jose, California 95110-2704 or by sending an
email to adobe@kpcorp.com.
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Figma Slack Messages
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Figma Employee FAQs
Acquisition FAQ
Overview
This page has a list of questions about the Figma/Adobe deal that may be on your mind. If you have a question that is not answered here, don’t hesitate to reach out to acquisition-questions@figma.com or post in #ama-acquisition. It may take some
time, but we will get to all of your questions.
FAQ
The Big Picture
What’s the news?
We have entered into a definitive agreement for Adobe to acquire Figma for approximately $20 billion. We see this as a huge opportunity for us to accelerate the growth and innovation of the
Figma platform with access to Adobe’s technology, expertise and resources in the creative space. We expect the transaction to close in 2023, subject to customary closing conditions.
Why is Figma planning to join forces with Adobe?
We are here at Figma to make design accessible to all. After many conversations with Adobe, it became clear that they understand our vision and working together would help us reach it faster. They deeply value the
technology platform we have built and together, we are excited about building the future of creative tools on the Figma platform. In partnership with Adobe, we’ll be able to grow and expand Figma with access to their decades of expertise in areas
like video, imaging, vector, 3D and fonts. We are excited to build the future of creative tools together.
We have deep trust that, alongside all of us, Adobe will be excellent stewards of Figma.
Are we confident that the acquisition will close?
The transaction is expected to close in 2023, subject to customary closing conditions, including regulatory clearances and approvals.
How do we work during the close period?
The same way we do now, with focus on our vision and mission. We have a lot to build and very exciting plans ahead over the coming few quarters. We will continue making FigJam a leading
whiteboard, bridging the gap between design and code, making quality of life improvements to all of our products and investing in the future of the Figma Community. It’s essential that we continue to run with it.
Remember, during the period before close, we remain an independent company separate from Adobe. Our energy will stay singularly focused on our roadmap, scaling our infrastructure, shipping new
products and evolving our existing product suite.
What are the terms of the deal?
The deal values Figma at approximately $20B, which will be paid in a mix of cash and Adobe stock when the deal closes. This makes it one of the largest ever acquisitions of a private tech
company. The deal also includes additional Adobe RSUs, to be allocated to a subset of Figmates, evaluated and determined by Figma and Adobe jointly. Until the transaction closes, each company will continue to operate independently.
How many people will receive retention grants?
We don’t know yet. Our team is still growing fast and we want to create opportunities for new hires over the pre-close period to also be considered for retention grants. We will be making more
decisions on these details closer to close.
This retention program is designed so that a meaningful portion of consideration delivered by Adobe goes to further rewarding employees who continue to play a significant role in advancing our
vision, which shows the Adobe team’s deep appreciation for our team.
Will Figma continue to exist?
Yes! Figma will continue to operate under the Figma name and brand, with the benefits of access to Adobe’s wonderful team, technology and resource base. Knowledge sharing, access to highly
specialized talent and experience, font licenses and an engaged customer base will all help to accelerate and expand the vision for what we can build on the Figma platform.
I thought we were on the path to IPO. What changed?
As a business, we were fortunate to have the benefit of choice about the path we pursued, given our growth rate, net dollar retention and the efficiency in our business.
We chose this path because it is both a great outcome for Figma and also helps us achieve our vision faster. It is so clear that we can do more together with Adobe.
It’s also important to remember that going public is a financial milestone in a company’s lifecycle -- and while a big moment -- the goals, vision and mission of the company remain the same pre and post that event.
The same is true for us.
What will integration look like? Will we have to merge our systems/tooling with theirs?
Adobe is actually looking to reduce friction to make sure Figma can continue to focus and build the same way we do today. Until the deal closes it remains business as usual. At close, Adobe
plans to preserve our existing structures at Figma. We’re really thinking of it more as planning for “onboarding”.
How does this affect our roadmap?
Until the deal closes it remains business as usual. After close, our leadership team will continue to lead our roadmap decisions. This deal gives us the ability to move even faster and dream
even bigger about what we build.
Can I buy or sell Adobe stock during the close period?
There are no additional restrictions on your ability to buy or sell Adobe shares as a result of this transaction.
My Job & Hiring
What happens to my job?
Until the deal closes it remains business as usual. At close, you will continue to have a job at Figma. Your title will not change. Neither will your salary.
Is anyone getting laid off?
No.
I’m on a work visa. Will this affect my ability to work for Figma?
Your visa should not be impacted as long as you are employed by the same business entity. We’ll work with Adobe and our immigration partner to resolve any visa-related
matters.
Is there going to be a re-org?
Not related to the acquisition. It’s business as usual, which means we may engage in re-orgs in the future – as we always have – if we believe it will help improve our
work.
Will Dylan still be CEO?
Yes! The only change is that he will report to David Wadhwani, President of Adobe’s Digital Media Business, once the deal closes.
Will my manager still be my manager?
Yes.
I’m recruiting for an open position? Does this impact my ability to bring on new people?
No. Just the opposite. Until the deal closes, it remains business as usual and we will continue to have an aggressive hiring roadmap. #ABR is not going to change. It is still an excellent
time to bring the best builders to Figma.
Compensation & Culture
What happens to my stock?
At close, your vested Figma equity (shares and awards) at close will be converted into a mix of cash and Adobe stock. For equity awards, taxes will be withheld from each. Any unvested equity
you have will convert into Adobe shares for an equal total value based on the Adobe stock price prior to signing. You will continue to vest that Adobe stock after close. More details on equity will
follow, so stay tuned!
What happens to my vesting?
There will be no changes to vesting terms for equity grants that were board approved by our last board meeting on May 27 2022 - essentially anyone who started prior to May 9. New hire
four-year grants will continue to vest based on time, meaning that they will still have a 1 year cliff and vest monthly after that. Refresh or promotion grants will remain subject to time-based vesting criteria meaning that they will still vest
monthly over 4 years.
Anyone who started or received a grant after May 9 or receives a grant from here on out will have an additional condition that you have to be at Figma when the transaction closes in order to
vest in your awards. What that means is that if you leave before the transaction closes, we will cancel the entire grant.
After close, we will be vesting into Adobe stock and converted equity awards will continue to vest based on the original vesting schedule. More details on equity will follow, so stay tuned!
Will there be any changes to perks and benefits?
We are always thinking about how our perks and benefits can evolve to meet the needs of Figmates. That will continue. But there are no changes planned as part of the acquisition. Adobe has
excellent benefits and perks programs and we are excited to learn from what they do too once the deal closes.
Our culture is really what sets us apart. Won’t this change that?
There is so much overlap between the vision and values of our two companies and we are excited to learn from each other. Our culture is actually a big reason why Adobe is
so excited about Figma. It’s also a big part of what makes our company so special. But preserving and continually evolving culture is hard and takes work for any organization, especially one that is going to keep growing as fast as we are. We’ll
continue doing that work together.
How are we communicating this to our community?
Many ways. We have our blog post and social media posts. We’re also engaging with our community through our FoF Discord, sending an email newsletter and reaching out directly to our customers.
What’s happening to our hubs? Will they close?
Our existing hubs are staying open, and we plan to continue to add new ones. Figmates who are working 100% remote will continue to be able to do so. Adobe also has a hybrid model for employees
that we expect will apply after close.
External engagement
Should I change my LinkedIn?
Figma will continue to be Figma both until the deal closes, and after that. So no – there’s no need to update your LinkedIn profile.
Can I share the news on Twitter or LinkedIn?
We don’t want to limit your personal expression, but we do want to help you exercise good judgment. So if you are thinking about posting, please ask yourself the following questions first:
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Is what I’m about to share publicly known? If it’s not, please don’t share it. If you’re not sure, run it by a member of the comms team at press@figma.com
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Is what I’m about to say in line with our values? Humility is a big part of our culture. It’s ok to share the news, but let’s not brag about it.
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Is what I’m about to post consistent with our social guidelines? If you’re not sure, you can check out the full guidelines here.
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Keep in mind that what you post could get picked up by the press. If that gives you pause, consider retweeting or re-sharing a post from an official Figma account.
Can I share this with customers?
Yes. Here are the guidelines for outreach to customers [Coming soon!].
How should I engage with vendors between now and closing? After closing?
Generally, business as usual, but we need to highlight something very important. We do have standard interim operating covenants under the Merger Agreement that could impact the types of new contracts we enter into
until the deal closes.
It is extremely important that every contract we enter into moving forward gets reviewed and approved by Legal.
My question is not covered. What should I do?
This is new to all of us, so we won’t have an answer right away to every question. But please keep asking and we promise to get you an answer. Please reach out to acquisition-questions@figma.com
or post in #ama-acquisition slack channel.
Forward-Looking Statements
In addition to historical information, this communication contains forward-looking statements within the meaning of applicable securities law, including statements regarding the expected
timing, completion and effects of the proposed transaction, product plans, future growth, market opportunities, strategic initiatives and industry positioning. In addition, when used in this communication, the words “will,” “expects,” “could,”
“would,” “may,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “targets,” “estimates,” “looks for,” “looks to,” “continues” and similar expressions, as well as statements regarding our focus for the future, are generally intended to
identify forward- looking statements. Each of the forward-looking statements we make in this communication involves risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Factors that
might cause or contribute to such differences include, but are not limited to: expected revenues, cost savings, synergies and other benefits from the proposed transaction, such as Adobe’s ability to enhance Creative Cloud by adding Figma’s
collaboration-first product design capabilities and the effectiveness of Figma’s technology, might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to
customer and employee retention, might be greater than expected; the requisite regulatory approvals and clearances for the proposed transaction may be delayed or may not be obtained (or may result in the imposition of conditions that could
adversely affect the combined company or the expected benefits of the proposed transaction); the requisite approval of Figma stockholders may be delayed or may not be obtained, the other closing conditions to the transaction may be delayed or may
not be obtained, or the merger agreement may be terminated; business disruption may occur following or in connection with the proposed transaction; Adobe’s or Figma’s businesses may experience disruptions due to transaction-related uncertainty or
other factors making it more difficult to maintain relationships with employees, customers, other business partners or governmental entities; the possibility that the proposed transaction is more expensive to complete than anticipated, including
as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities as a result of the proposed transaction or otherwise and those factors discussed in the section titled “Risk
Factors” in Adobe’s Annual Report on Form 10-K and Adobe’s Quarterly Reports on Form 10-Q. The risks described in this communication and in Adobe’s filings with the U.S. Securities and Exchange Commission (the “SEC”) should be carefully reviewed.
Undue reliance should not be placed on these forward-looking statements, which speak only as of the date they are made. Adobe and Figma undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events
or circumstances after the date of this communication, except as required by law.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section
10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed acquisition of Figma, Adobe will file a registration statement on Form S-4 with the SEC to register the shares of Adobe common stock to be issued in connection
with the proposed transaction. The registration statement will include a consent solicitation statement/prospectus, which will be sent to the stockholders of Figma seeking their approval of the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE CONSENT SOLICITATION STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4
AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT ADOBE, FIGMA AND THE PROPOSED
TRANSACTION.
Investors and security holders may obtain copies of these documents, when available, as well as other documents filed by Adobe with the SEC, free of charge from the SEC’s website at
www.sec.gov or by accessing Adobe’s website at http://www.adobe.com/investor-relations or by contacting Adobe’s Investor Relations department by calling (408) 536-4700, by writing to Investor Relations, Adobe Inc., 345 Park Avenue, San Jose,
California 95110-2704 or by sending an email to adobe@kpcorp.com.
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Figma Investor Blog Posts – Greylock
Congrats, Figma and Adobe!
Design Together
BY: JOHN LILLY
09.15.2022
Portfolio news
From the very first time I met Dylan Field, 3 things were exceptionally obvious:
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his love for design and the design community,
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his ambition to change the way that we design things together, and
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his confidence that he could change the way the world designs.
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But I mean, look: it definitely was not obvious in the slightest. He and his co-founder Evan Wallace were unbelievably smart and had built a tiny, astonishingly talented team working by the train tracks in Palo Alto. It wasn’t obvious they could
get anyone to want to design in a web browser (or that it was even very possible to get it working, honestly). It wasn’t obvious that they could challenge and change the way that designers viewed their work as mostly solo. And it wasn’t obvious
that they could build a company to deliver their vision around the world even if they could build a compelling technology and product.
Well, it’s obvious now.
9 years after that meeting with Dylan in 2013, Figma has changed the way that we all design — and radically. Today design happens more together with others rather than solo. It’s an incredible contribution to the field of software design, with
ripples and ramifications to how we build everything together.
Today Adobe and Figma announced that they’ve signed a deal to merge — a deal that both recognizes Figma’s decade of innovation and contribution to design, but also promises a fantastic, dynamic, collaborative future for creatives of all types.
I’m excited about the past 10 years, but I’m even more excited about what’ll be possible now that Figma’s established a culture, community, and platform to build from. Figma, and the community that has built up around it, will be able to change
even more about how we can design together in expressive, creative and inclusive ways.
From the first time I got to visit the tiny 7 person office by the train, getting to work with the Figma team has been one of the very highest privileges of my career. The organization that they’ve built over the years has included some of the
most creative, smartest, most profoundly talented people in our industry. In my first draft of this note, I started listing some of the amazing people I’ve gotten to work with, and the list was just silly in its length, and I had to keep
lengthening it because so many people of such high quality have contributed and continue to.
Beyond being just really, really good at design, technology and products, though, the thing I’m prouder of and admire more is the way that this is just a really,
really good group of humans, who have built an organization that is inclusive, creative, joyful, thoughtful, playful, generous, and kind. They show me every day what it looks like when we can try to be the best people we can be.
Today’s certainly a milestone — an historic one in many ways — but it’s just the next step. Figma, together with Adobe, has got a crazy ambitious map for the future of how we design things together — even crazier than Figma’s was a decade ago.
Is it obvious they’ll achieve so much in the next stage? Time will tell. But given what I’ve seen Figma do these past 10 years, I’ve got a pretty good feeling about the next 10, and beyond.
Forward-Looking Statements
In addition to historical information, this communication contains forward-looking statements within the meaning of applicable securities law, including statements regarding the expected completion and effects of the proposed transaction, product
plans, future growth, market opportunities, strategic initiatives and industry positioning. In addition, when used in this communication, the words “will,” “expects,” “could,” “would,” “may,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “targets,” “estimates,” “looks for,” “looks to,” “continues” and similar expressions, as well as statements regarding our focus for the future, are generally intended to identify forward-looking statements. Each of the forward-looking
statements we make in this communication involves risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Factors that might cause or contribute to such differences include, but are not
limited to: expected revenues, cost savings, synergies and other benefits from the proposed transaction, such as Adobe’s ability to enhance Creative Cloud by adding Figma’s collaboration-first product design capabilities and the effectiveness of
Figma’s technology, might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; the
requisite regulatory approvals and clearances for the proposed transaction may be delayed or may not be obtained (or may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the
proposed transaction); the requisite approval of Figma stockholders may be delayed or may not be obtained, the other closing conditions to the transaction may be delayed or may not be obtained, or the merger agreement may be terminated; business
disruption may occur following or in connection with the proposed transaction; Adobe’s or Figma’s businesses may experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships
with employees, customers, other business partners or governmental entities; the possibility that the proposed transaction is more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of
management’s attention from ongoing business operations and opportunities as a result of the proposed transaction or otherwise and those factors discussed in the section titled “Risk Factors” in Adobe’s Annual Report on Form 10-K and Adobe’s
Quarterly Reports on Form 10-Q. The risks described in this communication and in Adobe’s filings with the U.S. Securities and Exchange Commission (the “SEC”) should be carefully reviewed. Undue reliance should not be placed on these
forward-looking statements, which speak only as of the date they are made. Adobe and Figma undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this
communication, except as required by law.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed acquisition of Figma, Adobe will file a registration statement on Form S-4 with the SEC to register the shares of Adobe common stock to be issued in connection with the proposed transaction. The registration
statement will include a consent solicitation statement/prospectus, which will be sent to the stockholders of Figma seeking their approval of the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE CONSENT SOLICITATION STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED
WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT ADOBE, FIGMA AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain copies of these documents, when available, as well as other documents filed by Adobe with the SEC, free of charge from the SEC’s website at www.sec.gov or by accessing Adobe’s website at
http://www.adobe.com/investor-relations or by contacting Adobe’s Investor Relations department by calling (408) 536-4700, by writing to Investor Relations, Adobe Inc., 345 Park Avenue, San Jose, California 95110-2704 or by sending an email to
adobe@kpcorp.com.
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Figma Investor Blog Posts – Index
The Story of Figma: Collaboration, Community and Creativity
by Danny Rimer
Figma’s co-founder and CEO Dylan Field in conversation with Index Partner Danny Rimer
I first met Dylan Field when he was a 19-year-old intern, making his mark at Flipboard’s offices in Palo Alto. He was already convinced he wanted to be a founder, and it was clear enough to me that he was on course to do extraordinary things.
A couple of years later, we were delighted to write Dylan his first seed-stage cheque for his fledgling business idea with co-founder Evan Wallace. Over the following decade, I watched as Dylan transformed into the visionary leader of Figma,
driving a revolution in the world of design and creativity, and creating a global phenomenon. Today I’m thrilled to congratulate them on the announcement that Adobe has agreed to acquire Figma for the sum of approximately $20 billion, making it
one of the largest acquisitions of a private tech business in history.
This is a milestone investment for Index, and not because we are fortunate to be Figma’s first and largest venture partner. Figma and Dylan are emblematic of Index’s ethos: building deep, meaningful relationships with unconventional founders
from their early days, and partnering with them through peaks and valleys of their journey to build an iconic business.
This is also a deeply personal moment for me and there’s no doubt I’ll miss being part of the story.
Dylan is an extraordinary person, a Renaissance individual with the rare capacity to treat his own personality as an active experiment in design: something to seek out feedback on, to be constantly tweaked and optimized, and even to be rebuilt
from scratch where the needs of his company demand it. He’s also a close friend. I’m so proud of what Dylan and his team have achieved, and how they’ve matured as individuals and operators.
Dylan Field and Danny Rimer on stage at Slush in Helsinki. “Dylan is an extraordinary person, a Renaissance individual with the rare capacity to treat his own personality as an active experiment in design: something to seek out feedback on,
to be constantly tweaked and optimized, and even to be rebuilt from scratch where the needs of his company demand it. He’s also a close friend. I’m so proud of what Dylan and his team have achieved, and how they’ve matured as individuals and
operators,” Danny writes.
When we look at today’s announcement, it’s fair to ask: what makes Figma so special?
There are a few big trends that Figma has both contributed to and benefitted from. The first is the generational significance of design-thinking. In the 19th century, the most significant marker of authority was spoken eloquence: your skills
in oratory were how you found an audience. In the 20th century, as literacy rates increased, arguably that power migrated to the written word. Now, in the 21st century, as we dwell in an increasingly digital realm, the best proxy for public
credibility is intuitive, responsive design. Thanks to the app-ification of everyday life, we’ve developed an extraordinary civilizational sophistication in appreciating good design – and a marked
intolerance for the bad.
Figma saw this dramatic shift years ago, and has been the primary platform for accelerating it. For anything digital involving an output on a screen, Figma is increasingly where the most crucial work happens. Dylan and Evan have always been
committed to reimagining the relationship between creativity, collaboration and productivity. They recognized – long before pretty much everyone else, in an era when designers were sending static files back and forth over email – that both
consumers and creators needed faster feedback loops, as well as a space to communicate in real-time to make the best and most beautiful products possible.
Figma hasn’t just sparked a design revolution. It’s also been a principle enabler of the rise of the creative class and the ‘creator economy’, based on access to great tools for making, distributing and monetizing digital content. In striking
contrast to previous generations, 75% of Gen Z say they now want to be creators, not just consumers.
There’s no way Figma could have won the hearts of so many people around the world (more than 80% of users are outside of the US) if the company itself hadn’t worked hard at its own culture. Having gone straight from intern to founder, Dylan is
the first to admit he had some tough lessons to learn about management in the early days of Figma. But as a result of his willingness to accept guidance and mentorship, he’s grown to become one of the most humble, humane and clear-sighted
leaders I’ve ever worked with. The utility and versatility of Figma as a tool reflects that deep commitment to respect and collaboration that’s now baked into Figma’s culture.
Dylan has always been convinced that the community should be the main driver of Figma’s adoption. As he told me in a recent chat: ‘The first place is your home, the second place is work, and the third place hopefully
is the community of interest – a global, online community of interest around design and creativity. Long-term that’s what we want to do with Figma.’
Their acquisition marks a new chapter in Figma’s journey. Adobe is the perfect partner to supercharge the company’s mission to democratize the world of design and creativity. Together, Adobe and Figma are creating a powerful platform,
well-positioned to compete directly with some of the world’s largest tech companies in the productivity and collaboration space. We are excited to see them in action and are confident they will rise to the challenge. A heartfelt congratulations
to Dylan and Evan as well as their executive team Amanda Kleha, Claire Butler, Kris Rasmussen, Kyle Parrish, Nadia Singer, Nairi Hourdajian, Praveer Melwani, Shaunt Voskania, Sho Kuwamoto, and Yukhi Yamashita, and the entire Figma family. I’m
going to miss the intimacy of those early days and years, but as Figma continues to fly high, the Index team will keep cheering them on.
Forward-Looking Statements
In addition to historical information, this communication contains forward-looking statements within the meaning of applicable securities law, including statements regarding the expected completion and effects of the proposed transaction,
product plans, future growth, market opportunities, strategic initiatives and industry positioning. In addition, when used in this communication, the words “will,” “expects,” “could,” “would,” “may,” “anticipates,” “intends,” “plans,” “believes,”
“seeks,” “targets,” “estimates,” “looks for,” “looks to,” “continues” and similar expressions, as well as statements regarding our focus for the future, are generally intended to identify forward-looking statements. Each of the forward-looking
statements we make in this communication involves risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Factors that might cause or contribute to such differences include, but are not
limited to: expected revenues, cost savings, synergies and other benefits from the proposed transaction, such as Adobe’s ability to enhance Creative Cloud by adding Figma’s collaboration-first product design capabilities and the effectiveness of
Figma’s technology, might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected; the
requisite regulatory approvals and clearances for the proposed transaction may be delayed or may not be obtained (or may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the
proposed transaction); the requisite approval of Figma stockholders may be delayed or may not be obtained, the other closing conditions to the transaction may be delayed or may not be obtained, or the merger agreement may be terminated; business
disruption may occur following or in connection with the proposed transaction; Adobe’s or Figma’s businesses may experience disruptions due to transaction-related uncertainty or other factors making it more difficult to maintain relationships
with employees, customers, other business partners or governmental entities; the possibility that the proposed transaction is more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of
management’s attention from ongoing business operations and opportunities as a result of the proposed transaction or otherwise and those factors discussed in the section titled “Risk Factors” in Adobe’s Annual Report on Form 10-K and Adobe’s
Quarterly Reports on Form 10-Q. The risks described in this communication and in Adobe’s filings with the U.S. Securities and Exchange Commission (the “SEC”) should be carefully reviewed. Undue reliance should not be placed on these
forward-looking statements, which speak only as of the date they are made. Adobe and Figma undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this
communication, except as required by law.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed acquisition of Figma, Adobe will file a registration statement on Form S-4 with the SEC to register the shares of Adobe common stock to be issued in connection with the proposed transaction. The registration
statement will include a consent solicitation statement/prospectus, which will be sent to the stockholders of Figma seeking their approval of the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE CONSENT SOLICITATION STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED
WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT ADOBE, FIGMA AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain copies of these documents, when available, as well as other documents filed by Adobe with the SEC, free of charge from the SEC’s website at www.sec.gov or by accessing Adobe’s website
at http://www.adobe.com/investor-relations or by contacting Adobe’s Investor Relations department by calling (408) 536-4700, by writing to Investor Relations, Adobe Inc., 345 Park Avenue, San Jose, California 95110-2704 or by sending an email to
adobe@kpcorp.com.
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Figma Investor Blog Post – KPCB
Figma + Adobe: The Convergence of Productivity and Creativity
Thursday, September 15th 2022
As our current investment team came together in 2017, we aligned our investment focus to a theme -- advancing how we work so that we can live. As work became increasingly flexible, remote, and asynchronous we needed better tools that were
collaborative, integrated with existing tools, were high on UI/UX and focused on daily work use cases.
With this focus, it’s fitting that the first investment that I led at Kleiner Perkins was Figma’s Series B.
Dylan Field became part of the Kleiner Perkins family as a member of the inaugural KP Fellows class more than a decade ago. While enrolled as an undergraduate at Brown University, a Summer as a KP Fellow with Flipboard sparked his passion
for product design.
During his time as a KP fellow at Flipboard, Dylan worked in product design. It was there and then that he began to develop a sense of how the design process could be improved. One glaring example was how files were shared back and forth
between team members – an uncollaborative process and version control nightmare. A few years later, the first design tool built on the browser was born. It would change not only how designers worked; it would ultimately change the role of
design.
Soon after we decided to lead Figma’s Series B after observing tremendous love for the product from a small set of early users.
Figma addressed the overarching workflow of designers, and then fundamentally changed the role of design. They’ve made designing collaborative, inclusive and fun. We use Figma at Kleiner Perkins to do just about everything from building our
website, to planning office remodels, and organizing events, and no one on our team would claim to be a classically trained designer.
It’s this spirit that has made Figma more than a company – it’s a connected community of empowered creators.
We couldn’t be more proud of the team, and look forward to what they will accomplish as part of the Adobe family.
ー Mamoon
Forward-Looking Statements
In addition to historical information, this communication contains forward-looking statements within the meaning of applicable securities law, including statements regarding the expected timing, completion and effects of the proposed
transaction, product plans, future growth, market opportunities, strategic initiatives and industry positioning. In addition, when used in this communication, the words “will,” “expects,” “could,” “would,” “may,” “anticipates,” “intends,”
“plans,” “believes,” “seeks,” “targets,” “estimates,” “looks for,” “looks to,” “continues” and similar expressions, as well as statements regarding our focus for the future, are generally intended to identify forward-looking statements. Each of
the forward-looking statements we make in this communication involves risks and uncertainties that could cause actual results to differ materially from these forward-looking statements. Factors that might cause or contribute to such differences
include, but are not limited to: expected revenues, cost savings, synergies and other benefits from the proposed transaction, such as Adobe’s ability to enhance Creative Cloud by adding Figma’s collaboration-first product design capabilities
and the effectiveness of Figma’s technology, might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be
greater than expected; the requisite regulatory approvals and clearances for the proposed transaction may be delayed or may not be obtained (or may result in the imposition of conditions that could adversely affect the combined company or the
expected benefits of the proposed transaction); the requisite approval of Figma stockholders may be delayed or may not be obtained, the other closing conditions to the transaction may be delayed or may not be obtained, or the merger agreement
may be terminated; business disruption may occur following or in connection with the proposed transaction; Adobe’s or Figma’s businesses may experience disruptions due to transaction-related uncertainty or other factors making it more difficult
to maintain relationships with employees, customers, other business partners or governmental entities; the possibility that the proposed transaction is more expensive to complete than anticipated, including as a result of unexpected factors or
events; diversion of management’s attention from ongoing business operations and opportunities as a result of the proposed transaction or otherwise and those factors discussed in the section titled “Risk Factors” in Adobe’s Annual Report on
Form 10-K and Adobe’s Quarterly Reports on Form 10-Q. The risks described in this communication and in Adobe’s filings with the U.S. Securities and Exchange Commission (the “SEC”) should be carefully reviewed. Undue reliance should not be
placed on these forward-looking statements, which speak only as of the date they are made. Adobe and Figma undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the
date of this communication, except as required by law.
No Offer or Solicitation
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior
to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Additional Information and Where to Find It
In connection with the proposed acquisition of Figma, Adobe will file a registration statement on Form S-4 with the SEC to register the shares of Adobe common stock to be issued in connection with the proposed transaction. The registration
statement will include a consent solicitation statement/prospectus, which will be sent to the stockholders of Figma seeking their approval of the proposed transaction.
INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE CONSENT SOLICITATION STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS FILED OR TO BE
FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS DO AND WILL CONTAIN IMPORTANT INFORMATION ABOUT ADOBE, FIGMA AND THE PROPOSED TRANSACTION.
Investors and security holders may obtain copies of these documents, when available, as well as other documents filed by Adobe with the SEC, free of charge from the SEC’s website at www.sec.gov or by accessing Adobe’s website
at http://www.adobe.com/investor-relations or by contacting Adobe’s Investor Relations department by calling (408) 536-4700, by writing to Investor Relations, Adobe Inc., 345 Park Avenue, San Jose, California 95110-2704 or by sending an email
to adobe@kpcorp.com.
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Figma Investor Director Tweets
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