Figma (attempted)
2022
$20.0B
Why
Attempted to acquire the dominant collaborative UI/UX design tool to address Adobe's weakness in browser-native, multiplayer design workflows after XD failed to compete.
Impact
The deal was abandoned in December 2023 after regulatory opposition from the European Commission, UK CMA, and US DOJ. Adobe paid a $1 billion breakup fee.
Outcome
Left Adobe without a clear collaborative design strategy and validated Figma as a standalone competitor worth $20 billion.