Adobe will buy online design startup Figma for $ 20 billion

Adobe Inc. is approaching a deal to acquire Figma, a startup that makes collaboration tools in the field of online design, people familiar with the matter said. 

The agreement could be announced as early as Thursday, the people said, asking not to be named because the information is private. The parties are discussing an estimate of more than $15 billion for Figma, one of the sources said.

Adobe is set to release its earnings for the fiscal third quarter on Thursday. Discussions are ongoing and the terms of the deal could still change, people said. 

Adobe and Figma did not immediately respond to requests for comment. 

Figma spent several years in stealth mode before introducing browser-based tools that allow software developers to work together in real time. Its products allow employees to bypass the sometimes clunky process of saving and sending their work to colleagues using a collection of disparate applications.

The company, led by co-founder Dylan Field, has seen a jump in demand during the pandemic with the rise of remote work. Customers include Airbnb Inc., Google, Netflix Inc. and Twitter Inc., according to its website. Figma's sponsors include venture capital firms Kleiner Perkins, Index Ventures and Greylock Partners. 

Adobe, a Wall Street favorite for more than a decade, has been hit by a tech downturn, and its stock has lost more than a third of its value since the start of the year. Investors are increasingly skeptical about the dominance of Adobe's creative software, and the company is looking to expand into more consumer-friendly offerings.