Cloud-based design platform Figma is considering an initial public offering after meeting with investment banks. The possibility of going public comes after a failed attempt by Adobe to acquire Figma for $20 billion in 2023, which was blocked by regulators. Figma’s CEO, Dylan Field, hinted at the company’s intent to go public at a conference last year.
With regulatory scrutiny increasing under the Biden administration, many tech companies are turning to IPOs instead of mergers and acquisitions. CoreWeave, Discord, and StubHub are among the companies considering public offerings this year. Figma, founded in 2012 in San Francisco, offers free, cloud-based tools for designers and developers. Despite the collapse of the Adobe acquisition deal, Figma raised additional funding and expanded its product offerings.
Figma’s products include FigJam, an online whiteboard tool, and Figma Slides, a PowerPoint-like product. The company also introduced a keyboard for designers in 2023. Figma has a global presence, with the majority of its weekly active users and revenue coming from international customers. The company aims to expand beyond designers, with software developers making up a significant portion of its user base.
Figma has offices in major cities around the world and over 1,400 employees. The company’s potential IPO could be a significant milestone in its journey to further growth and innovation in the design and technology industry.
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