Adobe will no longer be purchasing the product design platform Figma. The companies announced that they have come to a \u201cmutual agreement\u201d to terminate their plans to merge after UK and EU regulators ruled that the deal would harm competition in the design software industry and prevent future innovation.<\/p>\n
Adobe has its own design software, though Figma\u2019s is more popular. Regulators noted that the acquisition may put a halt to Figma\u2019s innovations in the space down the line. The UK\u2019s Competition and Markets Authority (CMA) suggested antitrust remedies, which included divesting certain assets and codes to reduce competition. Adobe turned down those ideas last week, arguing that its software isn\u2019t in direct competition with Figma.<\/p>\n
In a news post, companies said that based on their \u201cjoint assessment\u201d of the pushback from regulators, there\u2019s \u201cno clear path to receive necessary regulatory approvals.\u201d<\/p>\n
\u201cAdobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,\u201d Adobe CEO Shantanu Narayen said in a statement. \u201cWhile Adobe and Figma shared a vision to jointly redefine the future of creativity and productivity, we continue to be well positioned to capitalize on our massive market opportunity and mission to change the world through personalized digital experiences.\u201d<\/p>\n