News
Adobe Acquires Figma for US $20 Billion
Adobe acquired Figma for approximately $20 billion in cash and stock in one of the most significant digital design acquisitions. The digital design giant announced on Friday.
The news has sparked a scare among designers that Adobe would change Figma’s intuitive interface into a complex one.
Figma has become a hugely popular online user interface and user experience design tool for many. Unlike Adobe, It’s praised for its streamlined form and collaborative tools, while free access for those in education has made it a hit with students.
Figma currently tops the best UI design tools. It’s been touted as an Adobe killer for being more efficient, collaborative, and affordable.
Adobe’s subscription-based pricing is sometimes a bone of contention for users (although Adobe Creative Cloud discounts can be found).
Why did Figma sell to Adobe?
For Figma, the big bucks present a significant growth opportunity. The deal comes “with access to Adobe’s technology, expertise, and resources in the creative space,” CEO Dylan Field wrote in a Sept. 15 blog post.
“For example, we will have the opportunity to incorporate their expertise in imaging, photography, illustration, video, 3D, and font technology to the Figma platform,” he elaborated.
What will Adobe do with Figma?
For now, Adobe is “deeply committed” to keeping Figma operating autonomously, wrote Fields, who will continue to serve as CEO.
The company has no current plan to change Figma’s pricing, and the product will remain free for education. However, people are wondering for how long it will remain free.
Together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design, and inspire global communities of creators, designers, and developers.”
What Adobe’s acquisition of Figma means for creatives?
For Adobe, buying Figma makes sense. It dominates many areas of design, but UI has been a bit of an exception. Its own Adobe XD is playing catch up to a wide range of other tools and hasn’t managed to establish itself like other Adobe products.
Adobe says it will keep Figma going rather than eliminate a rival to Adobe AD, but Figma users are concerned for two main reasons: price and bloat.
Why creatives like Figma?
Many liked Figma’s independence and saw Adobe as a monopolistic behemoth that would want to charge them more money. Figma currently has a free starter and a professional plan that starts at $12 per month per editor – significantly less than an Adobe Creative Cloud single-app subscription. However, Figma insists that there are “currently” no plans to change its pricing and that access will remain accessible for those in education.
Creatives also liked Figma for its streamlined platform’s light footprint. They fear becoming part of Adobe will make it heavier and slower. What the change will mean for the platform isn’t yet clear. Adobe says, “The combination of Adobe’s and Figma’s communities will bring designers and developers closer together to unlock the future of collaborative design,” which is probably just the kind of corporate talk that makes users uneasy.
Figma will keep working autonomously.
Figma’s CEO and co-founder Dylan Field has provided a bit of elucidation. He wrote in a blog post that “Adobe is deeply committed to keeping Figma operating autonomously.” he’s confirmed that he’ll stay in his position after the deal. However, he’ll now report to David Wadhwani, president of Adobe’s Digital Media business.
He said he’ll work with Wadhwani to grow Figma’s business but that the Figma team will report to him and “run Figma the way we have always run Figma – continuing to do what we believe is best for our community, our culture, and our business.”
He said the partnership aimed to accelerate growth and innovation, with Figma incorporating Adobe’s “expertise in imaging, photography, illustration, video, 3D and font technology”. Figma will also “have the opportunity to reimagine what the best creative tools could look like within the Figma technology stack.”
New Figma products to come
Field hinted that there would be new products to come. However, he said the company would continue to improve Figma Design, FIGJAM, and the Figma community platform. He added: “One of the trickiest design decisions is when to make a new capability a separate tool vs. part of an existing tool. Please know that we have some fun ideas on how to address this issue.”
How did creatives react to the acquisition?
Creatives were quick to react on social media. Of course, there are many memes, and many are not exactly celebratory. Many people have dug up an old tweet Field posted in January 2021 in which he wrote, “Our goal is to be Figma, not Adobe,” while others suggest that they’ll move to rival UI design products such as Sketch.
Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.
The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.
J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.
“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”
The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.
The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).
Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.
According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.
Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).
Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.
TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.
With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.
Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.
Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”
Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”
AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.
Key Features of AnteThink include:
1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.
2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.
3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.
Credit: Antethink
AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.
Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.
Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.
In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.
The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.
Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.
As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.
The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.
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