The design technology titan is acquiring startup Figma for $20 billion, using roughly half cash and half shares, in a deal that will significantly beef up its online collaboration capabilities. Even if it doubled again in 2023, it would represent just 4% of the $20 billion that analysts expect Adobe to generate, according to Refinitiv. Register now for FREE unlimited access to Reuters.com RegisterThis math suggests Narayen has used too much creative license. And yet even then Adobe saw fit to double up on the $10 billion Figma valuation from June 2021, per PitchBook, and shell out an eye-popping multiple of sales. CONTEXT NEWSAdobe said on Sept. 15 it had agreed to buy digital design rival Figma for about $20 billion, paying about half in cash and half in shares.

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