Adobe is attempting to complete their largest acquisition to date: Figma, the startup that provides online software for developing apps and websites. David Wadhwani, the major executive in charge of the acquisition, expressed his thoughts on the time it takes to be approved by the regulators. The Competition and Markets Authority from the United Kingdom has been assessing the probable effects the agreement would have on competition, and determined that Adobe still had a product that competed with Figma. from mobile
At the WSJ Tech live event on Tuesday in Laguna Beach, California, David Wadhwani, an executive at Adobe, questioned the length of time required to receive approval for expensive technology acquisitions from government regulators. Adobe is aiming to complete its $20 billion purchase of Figma, which is used to collaborate on the design of apps and websites, 13 months after announcing the merger. Microsoft, who completed their $69 billion acquisition of game publisher Activision Blizzard, encountered the same three jurisdictions, and ultimately won approval from the U.S. Federal Trade Commission. Adobe expects to hear back from regulators in the upcoming months, and they have acknowledged a statutory deadline of December 31st, 2023, but also have an agreement with Figma to pay $1 billion if the deal is not completed by mid-March 2024. Wadhwani inquired whether it should take so long and stressed the importance of being able to advance rapidly with innovation. He believes there is potential for Figma to do more generative AI, however he chose not to speak on behalf of Figma's co-founder and CEO, Dylan Field. The Competition and Markets Authority is reviewing if the deal would lessen competition and have deemed that Adobe's XD tool is a "material" competitor to Figma. In response, Adobe wrote that in a volatile market, XD can't be seen as a significant rival of Figma.
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