> It's that Adobe was likely seeing subscription revenue take hit from customers
While being pummeled by public markets, and being forced to make a move that might keep shareholders from calling for blood.
This is certainly not the first time that Adobe has presented a number to Figma's board — but it has to be the biggest number yet, by far.
From Figma's position: take your chances on an IPO while the Fed is cracking skulls around inflation — or flip the bit on that liability, and cash out to a desperate Adobe?
Another interesting layer to this is that Adobe only has $5b in cash according to their balance sheet, so the overwhelming majority of this deal is probably in Adobe stock with a long vesting period. Also the deal being done in a downturn means that the difference between this and an IPO is academic in my view
While being pummeled by public markets, and being forced to make a move that might keep shareholders from calling for blood.
This is certainly not the first time that Adobe has presented a number to Figma's board — but it has to be the biggest number yet, by far.
From Figma's position: take your chances on an IPO while the Fed is cracking skulls around inflation — or flip the bit on that liability, and cash out to a desperate Adobe?