Adobe officially ends the $20 Billion Figma acquisition
By MYBRANDBOOK
Adobe and Figma have agreed to end their acquisition plans after European regulators found the deal would hurt competition in the digital design space. The $20 billion acquisition would have combined the leading product design software, Figma, and the largest and most recognized supplier of design applications, Adobe. Both Adobe and Figma are said to strongly disagree with the recent regulatory findings.
“Although both companies continue to believe in the merits and procompetitive benefits of the combination, Adobe and Figma mutually agreed to terminate the transaction based on a joint assessment that there is no clear path to receive necessary regulatory approvals from the European Commission and the U.K. Competition and Markets Authority,” the companies wrote in a press release today.
Initially revealed in September of the previous year, the deal was bound to undergo regulatory examination given its substantial size and the impact it had on removing one of Adobe's significant competitors. Throughout 2023, the U.S. Department of Justice (DOJ) closely scrutinized the transaction, although it had not officially filed any lawsuit to impede the deal. However, news surfaced over the weekend that Adobe and Figma were in talks with the DOJ in a final effort to prevent legal action.
Regardless of the result, the two companies were already encountering substantial challenges in Europe. In late November, the U.K. determined that the proposed acquisition would "harm innovation," prompting its competition authority to initiate a thorough investigation. This followed a similar decision by the European Union (EU) in August, which also opted for a comparable course of action.
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Paytm brings UPI Lite Wallet for low-value transactions
Paytm’s parent company One97 Communications (OCL) is emphasizing upon UP...
BHIM to join e-commerce, competing with PhonePe and Google Pay
The government-supported payment software BHIM is getting ready to join t...
MATRIX COMSEC PVT. LTD.
NETWEB TECHNOLOGIES INDIA LTD.
RELIANCE JIO INFOCOMM LTD.
LAVA INTERNATIONAL LTD.
Technology Icons Of India 2023: Lt Gen (Dr.) Rajesh Pant (Retd.)
LT Gen(Dr.) Rajesh Panth (Retd.), National cyber security coordination...
Technology Icons Of India 2023: Sridhar Vembu
Sridhar Vembu is an Indian billionaire business magnate and the Founde...
Technology Icons Of India 2023: Ashish Kumar Chauhan
Ashish works as the CEO of the National Stock Exchange (NSE). He is al...
C-DAC keeps India ahead in IT & Electronics R&D space
Centre for Development of Advanced Computing (C-DAC) is the premier R&...
ECIL continues to keep India ahead in the growth of Information Technology and Electronics
ECIL played a very significant role in the training and growth of high...
GeM maintains transparency in online procurement of goods & services
Created in a record time of five months, Government eMarketplace is a ...
ADITYA INFOTECH LTD.
Aditya Infotech Ltd. (AIL) – the technology arm of Aditya Group, is ...
M. TECH SOLUTIONS (I) PVT. LTD.
M.Tech is a leading cyber security and network performance solutions ...
REDINGTON INDIA LIMITED
Redington (India) Limited operates in the IT product distribution busi...