Adobe’s failed Figma purchase left it facing the product it had tried to buy. On December 18, 2023, the companies ended their merger agreement, saying they saw no clear path to European and UK regulatory approval. Adobe owed the agreed termination fee.
I had read the original $20 billion proposal as a defensive move. Figma made collaboration part of the working document. Designers could work together without passing files around. Buying that workflow looked easier than catching up to it.
I like the outcome for teams that wanted Figma to remain independent. Independence does not guarantee better prices or faster development, though. Figma still has to serve its users, and Adobe still has to offer tools worth choosing.
The competitive problem survived the transaction. Adobe could pay for a failed acquisition and still wake up the next morning with the same rival.