7 ms·

On Adobe acquiring Figma

150 points by vortexo 4y ago

quantified 4y ago
The person that the Figma org will report it just recently was with Greylock investing in Figma? Even if he has no money in it himself, it smells like taking care of family and friends. They'd remember his largesse and return the favor somehow later.
- askafriend 4y ago
  He was also at Adobe for 15yrs.
  - dmurray 4y ago
    According to TFA, he was at Adobe for 1 year.
    - returnInfinity 4y ago
      Adobe is David's home, he just back got home after adventuring a bit.
    - conro1108 4y ago
      According to David Wadhwani’s LinkedIn, he was at Adobe from 2002-2015 with his title listed as SVP and GM of the “digital media business unit” before rejoining in 2021 as the Chief Business Officer.
llanowarelves 4y ago
Everything by Adobe could be much better if they weren't slumlords of software.
ramijames 4y ago
Adobe is not looking to replace XD. They are looking to kill Figma.
- giansegato 4y ago
  Why would they even want that? They paid 15% of their market cap (30 considering the drop) for a new shiny toy, and now they would just… cash it? Doesn't make any sense, their incentive is to keep it great and working. Whether they can is a completely different matter.
- danrodney 4y ago
  In an email from Adobe, they said "While we have been reducing our investment in XD, we will continue to support it." which means Figma has won. XD will be killed once people have switched to Figma. They didn't pay $20 billion to kill an app that's used by more people than XD.
- Lammy 4y ago
  Kill Figma as a competitor company, not as a product. Same reason Facebook Messenger still exists even though Meta similarly bought Whatsapp defensively.
radley 4y ago
I think some separation time from his project will help him understand that the market did not agree with him.
- mkl 4y ago
  I thought the market did agree with him. Adobe's stock went down because the market, like the author, thought they paid too much, right?
  - radley 4y ago
    His beef is that his project was viable competition. The design market and the purchase price made it clear that was not true. I don't think they paid too much. It will give Adobe 10 more years of subscriptions without effort. Without Figma, they would be reduced to metrics software (in 10 years).
    - danpalmer 4y ago
      Another way of pricing the company is price per customer. Figma sold for $400,000 per paying customer. That seems like a lot to me.
    - mkl 4y ago
      Got it, design market vs. stock market. The acquisition at that price was like Adobe admitting they thought they couldn't compete.
      - chx 4y ago
        Perhaps they could as things are but what would have happened if, say, Apple acquires Figma? What if Microsoft did? 20B is a lot of money -- to Adobe. Just to demonstrate how absurdly uneven the playing field is, Apple has ten times as much cash at hand.
  - sfvegandude 4y ago
    It’s not really possible to say precisely why the stock went down beyond “a certain % of shareholders now believe that the price today is better than it will be whenever they originally intended to sell it.”
SpaghettiX 4y ago
Regarding the justifications for Figma's price: > most startups cut their valuation by a lot in 2022 Most startups are not used by every single other startup, whereas I would be very surprised if any startup doesn't use Figma for UI design. I've never used Canva and never heard a company using it. The only time I heard of Canva is to create a nice looking CV. Comparing outliers to the average/most isn't very helpful. > Another way to peek at a startup’s valuation is by revenue and growth multiplier. That is clearly not the only factor in valuation. It also depends on Figma's cash, founders desperation (very low, especially to sell out to Adobe), acquirers desperation (very high), how unique is Figma (Sketch, Adobe XD and Canva are way worse), and loads more factors. I would guess the real reason the Adobe price tanked was because it was a huge admission of defeat. Previously, you can't see how bad Adobe XD has performed, and now you know it's so low it doesn't matter. They can't build something people want. Nobody wants to use Adobe XD, even when IIRC, it was free at one point.
- YetAnotherNick 4y ago
  If every startup uses something, it's not a positive thing as then they are near peak revenue. Their revenue is $400m, and 50x multiplier in late stage is exceptional. For canva and other small companies, I would give higher valuation to revenue multiplier.
  - pavlov 4y ago
    If every startup uses something today, it often means that it's just starting to be noticed by large enterprises, and in five years will have spread there too. There's probably a big untapped market for Figma in boring enterprise software and internal design needs for marketing, etc. I'd bet that Microsoft was bidding for Figma too. In that light, Adobe's $20B price is a sign of strength because they were able to afford to outbid Microsoft for an extremely strategic acquisition. Adobe isn't taking enormous amounts of expensive new debt to fund this. The stock market's opinion of the deal doesn't affect Adobe's finances directly.
  - cyanydeez 4y ago
    Not every startup is eating adobes lunch
saos 4y ago
I simply believe Apple/Microsoft were circling Figma for an acquisition. That would be serious competition for Adobe and I imagine they got scared and threw the kitchen sink at Figma. If you're Apple or Microsoft PM. Please make internal noise to purchase a Figma competitor like Sketch and give Adobe/Figma a run for it money. Adobe clearly doesn't like competition.
- bushbaba 4y ago
  *Some* VCs will invest and play off this, knowing they can run up the price by starting a bid war. How it plays out. VC: Hey Oracle, did you hear salesforce wants to buy XYZ Startup for 1M, you want to counter? Oracle: Screw Benioff. I'm in for 2MM. VC: Hey Salesforce, thanks for the first call. Oracle wants to buy XYZ startup for 4M, you want to counter. Salesforce: Those devils, I'll do 5M. .... VC continues the game until they've hit the ceiling or are about to, and walks away with a ton of cash.
  - kenneth 4y ago
    I wish I had this much clout as a VC but I'm sad to report that it doesn't quite work out like this at all.
- ideamotor 4y ago
  I agree that would justify it. As they admitted, the article’s author is an outsider. They threw out some questionable aspects of the purchase but let’s also realize they are not objective. This person worked on XD and haphazardly already consider this a loss of their personal investments in Adobe.
- Arn_Thor 4y ago
  Maybe it’s lack of imagination but I can’t see how Figma fits into Apple’s software portfolio. Sure, it’s in the realm of “creative stuff” but so is a lot of software Apple isn’t involved with
  - capableweb 4y ago
bambax 4y ago
> Who is David Wadhwani, the person Figma is going to report to? (...) A little further research shows he joined Adobe in June 2021, just over a year ago. His last position prior was Venture Partner at venture capital firm Greylock. (...) Greylock invested in Figma in Series A, B, C, D, and E! Figma Series A’s price was $0.2 per share; it 200x’ed at the acquisition deal. Even if he didn't personally invest in Figma, this doesn't look good at all.
- alexghr 4y ago
  Maybe the author should've opened David Wadhwani LinkedIn profile instead of just linking to it. He worked for Adobe for 13 years until 2015 and rejoined in 2021. PS: not defending the purchase or Adobe but this statement in the article is factually wrong ¯\_(ツ)_/¯
  - achow 4y ago
    The author's main point is he worked at Greylock before Adobe - factually accurate. Also accurate - conflict of interest if he in anyway was part of acquisition efforts.
    - zenta 4y ago
      Factually accurate is the lowest bar to clear.
- bmitc 4y ago
  Does that qualify as a form of insider trading or some other violation of FTC regulations?
  - desindol 4y ago
    By now we know that if it’s only unethical it doesn’t violate regulations.
- est31 4y ago
  You can also spin it the other way, that Adobe hired an expert on Figma, someone who knew it well, has seen it grow, knew how it looked on the inside, and would probably easily spot any time the Figma team would be bullshitting during negotiations. At least one such person on your team is I think a major asset, but of course someone like that will likely still be connected in some fashion to that company, and create possible conflict of interest situations which means legal risk.
samstave 4y ago
absolute garbage. deleteing figma. will not use going forward (adobe is run by hedgies... WOZ way is a reminder of that fact
achow 4y ago
This rings so true.. ..even with Adobe keeping Figma as independent as it can be, it will develop and grow at a much slower pace since there will be no venture capital funds pouring in, and Adobe’s resources drained to pay off the acquisition cost. The only winner is Figma investors. This acquisition is a lose-lose-lose situation for Adobe, Figma, and the design community.
- dontknowwhyihn 4y ago
  That part of the article rang true and broke my heart a little bit. I only discovered Figma recently and was trying to decide if I should dive in and really learn it. Now I am much less excited about the prospect. The last thing I want is to be “nudged” towards an Adobe account. I would be surprised if Adobe doesn’t mess this up.
chx 4y ago
Adobe's financial performance has been pretty outstanding. In 2015, their net income was 630 million dollars with 13,893 employees. By 2019, through steady growth they have grown their income to 2,951 million dollars with 22,634 employees. In other words, while in 2015 an employee produced 45347 dollars but in 2019 the same person produced 130739 dollars. I would be slow to presume they do not know what they are doing. Does anyone even know when Adobe last had a net loss quarter?
- paganel 4y ago
  As far as I understood they're making quite good on their analytics software/services. I had a discussion on this with one of my friends who is more knowledgeable on the issue about 2 years ago, and I can't remember the exact name of the service/product, but I got out of it that they're processing a huge amount of data as analytics for large companies (and their associated campaigns). I remember that I found it strange back at the time that almost no-one was mentioning this in the tech media, all eyes were focused on the analytics businesses related to Facebook and Google.
  - chx 4y ago
    They acquired Marketo, yes.
nkmnz 4y ago
"Adobe XD supports multi-player mode for three years now" – this is maybe true for some small batch of alpha version users. The designer at my last startup insisted on using XD and it was a huge pain because you couldn't work in parallel – the first person opening a file was locking it down for others to change.
- jakewins 4y ago
  This seems strange - they are very strongly featuring "live co-editing" as the supported feature set: https://www.adobe.com/products/xd/features/coediting.html https://www.adobe.com/products/xd/features/coediting.html If they didn't have support for that this would be a pretty egregious lie in the "here's our list of supported features" pitch to buyers?
  - danieljacksonno 4y ago
    And no one would be surprised, coming from Adobe - destroyer of souls.
lucidlive 4y ago
What would it cost Adobe NOT to acquire Figma? I interview several UI/UX and product designers every week and without exception the tool they use if Figma.
geeky4qwerty 4y ago
Anyone else around for the dot com bubble? Why does the current tech M&A scene feel so eerily similar? I recognize that inflation is quickly destroying the value of the dollar, but $20 billion is still a mind numbingly large amount of money to be throwing around at the clear end of a long term tech sector growth cycle. This speaks as a brutal admission from Adobe corporate leadership that they lack the internal entrepreneurial skills to drive the development of new and innovative products in their market space, and based on the ~10% stock price drop since the announcement I imagine the market sees it the same way.
werber 4y ago
This deal feels very bizarre to me, albeit for completely different reasons. I frequently, even within one project with multiple designers will get figma, sketch, xd, photoshop and illustrator designs and it makes almost no difference for me. Perhaps I’m an anomaly, but when a creative asks what format to do something in I always tell them whatever they are most efficient and comfortable in. And when I do designs, out of years of Adobe dominance, I reach for xd, but feel comfortable in any of the other ones.
sgerenser 4y ago
After his mentioning of having a substantial portion of his net worth in Adobe stock, all I could think of is “oof, this is why everyone says to diversify.” Since he left Adobe in August 2021, Total stock index is down 17.7%, while ADBE is down 54.6%.
gubikmic 4y ago
What a bummer. Figma was hugely innovative, Adobe is nothing but rent-seeking. They'll just milk it to death. Same story with Slack and Salesforce.
crakhamster01 4y ago
I don't think this author did much research prior to writing this piece. > Who is David Wadhwani, the person Figma is going to report to? I have never heard of this name while working at Adobe. A little further research shows he joined Adobe in June 2021, just over a year ago. A quick look at his LinkedIn profile shows that he worked at Adobe for nearly 14 years prior to coming back as an exec. A little more digging shows that he came to Adobe back in 2005 via acquisition of Macromedia. > even with Adobe keeping Figma as independent as it can be, it will develop and grow at a much slower pace since there will be no venture capital funds pouring in Figma was already profitable. From all the reports, it doesn't seem like they had any intention of raising another round to continue growth. > With accelerated stock vesting triggered by the acquisition, a lot of Figma employees will jump ship to their next adventure. There is no accelerated vesting. It's fine to criticize this deal from a business strategy perspective, but don't make up details to hit the word count...
- crakhamster01 4y ago
  Some additional context around XD vs Figma: "After seven years of investment, Adobe XD was bringing in just $15 million in annual recurring revenue on a standalone basis — a minuscule fraction of Figma's $400 million annual recurring revenue. (That, in turn, is a minuscule fraction of Adobe's overall annual revenue of $17 billion.)"[0] [0] https://www.axios.com/2022/09/23/adobe-defends-figma-deal https://www.axios.com/2022/09/23/adobe-defends-figma-deal

150 points by vortexo 4y ago

The person that the Figma org will report it just recently was with Greylock investing in Figma? Even if he has no money in it himself, it smells like taking care of family and friends. They'd remember his largesse and return the favor somehow later.

askafriend 4y ago
He was also at Adobe for 15yrs.
- dmurray 4y ago
  According to TFA, he was at Adobe for 1 year.
  - returnInfinity 4y ago
    Adobe is David's home, he just back got home after adventuring a bit.
  - conro1108 4y ago
    According to David Wadhwani’s LinkedIn, he was at Adobe from 2002-2015 with his title listed as SVP and GM of the “digital media business unit” before rejoining in 2021 as the Chief Business Officer.

llanowarelves 4y ago

Everything by Adobe could be much better if they weren't slumlords of software.

ramijames 4y ago

Adobe is not looking to replace XD. They are looking to kill Figma.

giansegato 4y ago
Why would they even want that? They paid 15% of their market cap (30 considering the drop) for a new shiny toy, and now they would just… cash it? Doesn't make any sense, their incentive is to keep it great and working. Whether they can is a completely different matter.
danrodney 4y ago
In an email from Adobe, they said "While we have been reducing our investment in XD, we will continue to support it." which means Figma has won. XD will be killed once people have switched to Figma. They didn't pay $20 billion to kill an app that's used by more people than XD.
Lammy 4y ago
Kill Figma as a competitor company, not as a product. Same reason Facebook Messenger still exists even though Meta similarly bought Whatsapp defensively.

radley 4y ago

I think some separation time from his project will help him understand that the market did not agree with him.

mkl 4y ago
I thought the market did agree with him. Adobe's stock went down because the market, like the author, thought they paid too much, right?
- radley 4y ago
  His beef is that his project was viable competition. The design market and the purchase price made it clear that was not true. I don't think they paid too much. It will give Adobe 10 more years of subscriptions without effort. Without Figma, they would be reduced to metrics software (in 10 years).
  - danpalmer 4y ago
    Another way of pricing the company is price per customer. Figma sold for $400,000 per paying customer. That seems like a lot to me.
  - mkl 4y ago
    Got it, design market vs. stock market. The acquisition at that price was like Adobe admitting they thought they couldn't compete.
    - chx 4y ago
      Perhaps they could as things are but what would have happened if, say, Apple acquires Figma? What if Microsoft did? 20B is a lot of money -- to Adobe. Just to demonstrate how absurdly uneven the playing field is, Apple has ten times as much cash at hand.
- sfvegandude 4y ago
  It’s not really possible to say precisely why the stock went down beyond “a certain % of shareholders now believe that the price today is better than it will be whenever they originally intended to sell it.”

SpaghettiX 4y ago

Regarding the justifications for Figma's price: > most startups cut their valuation by a lot in 2022 Most startups are not used by every single other startup, whereas I would be very surprised if any startup doesn't use Figma for UI design. I've never used Canva and never heard a company using it. The only time I heard of Canva is to create a nice looking CV. Comparing outliers to the average/most isn't very helpful. > Another way to peek at a startup’s valuation is by revenue and growth multiplier. That is clearly not the only factor in valuation. It also depends on Figma's cash, founders desperation (very low, especially to sell out to Adobe), acquirers desperation (very high), how unique is Figma (Sketch, Adobe XD and Canva are way worse), and loads more factors. I would guess the real reason the Adobe price tanked was because it was a huge admission of defeat. Previously, you can't see how bad Adobe XD has performed, and now you know it's so low it doesn't matter. They can't build something people want. Nobody wants to use Adobe XD, even when IIRC, it was free at one point.

YetAnotherNick 4y ago
If every startup uses something, it's not a positive thing as then they are near peak revenue. Their revenue is $400m, and 50x multiplier in late stage is exceptional. For canva and other small companies, I would give higher valuation to revenue multiplier.
- pavlov 4y ago
  If every startup uses something today, it often means that it's just starting to be noticed by large enterprises, and in five years will have spread there too. There's probably a big untapped market for Figma in boring enterprise software and internal design needs for marketing, etc. I'd bet that Microsoft was bidding for Figma too. In that light, Adobe's $20B price is a sign of strength because they were able to afford to outbid Microsoft for an extremely strategic acquisition. Adobe isn't taking enormous amounts of expensive new debt to fund this. The stock market's opinion of the deal doesn't affect Adobe's finances directly.
- cyanydeez 4y ago
  Not every startup is eating adobes lunch

saos 4y ago

I simply believe Apple/Microsoft were circling Figma for an acquisition. That would be serious competition for Adobe and I imagine they got scared and threw the kitchen sink at Figma. If you're Apple or Microsoft PM. Please make internal noise to purchase a Figma competitor like Sketch and give Adobe/Figma a run for it money. Adobe clearly doesn't like competition.

bushbaba 4y ago
*Some* VCs will invest and play off this, knowing they can run up the price by starting a bid war. How it plays out. VC: Hey Oracle, did you hear salesforce wants to buy XYZ Startup for 1M, you want to counter? Oracle: Screw Benioff. I'm in for 2MM. VC: Hey Salesforce, thanks for the first call. Oracle wants to buy XYZ startup for 4M, you want to counter. Salesforce: Those devils, I'll do 5M. .... VC continues the game until they've hit the ceiling or are about to, and walks away with a ton of cash.
- kenneth 4y ago
  I wish I had this much clout as a VC but I'm sad to report that it doesn't quite work out like this at all.
ideamotor 4y ago
I agree that would justify it. As they admitted, the article’s author is an outsider. They threw out some questionable aspects of the purchase but let’s also realize they are not objective. This person worked on XD and haphazardly already consider this a loss of their personal investments in Adobe.
Arn_Thor 4y ago
Maybe it’s lack of imagination but I can’t see how Figma fits into Apple’s software portfolio. Sure, it’s in the realm of “creative stuff” but so is a lot of software Apple isn’t involved with
- capableweb 4y ago

bambax 4y ago

> Who is David Wadhwani, the person Figma is going to report to? (...) A little further research shows he joined Adobe in June 2021, just over a year ago. His last position prior was Venture Partner at venture capital firm Greylock. (...) Greylock invested in Figma in Series A, B, C, D, and E! Figma Series A’s price was $0.2 per share; it 200x’ed at the acquisition deal. Even if he didn't personally invest in Figma, this doesn't look good at all.

alexghr 4y ago
Maybe the author should've opened David Wadhwani LinkedIn profile instead of just linking to it. He worked for Adobe for 13 years until 2015 and rejoined in 2021. PS: not defending the purchase or Adobe but this statement in the article is factually wrong ¯\_(ツ)_/¯
- achow 4y ago
  The author's main point is he worked at Greylock before Adobe - factually accurate. Also accurate - conflict of interest if he in anyway was part of acquisition efforts.
  - zenta 4y ago
    Factually accurate is the lowest bar to clear.
bmitc 4y ago
Does that qualify as a form of insider trading or some other violation of FTC regulations?
- desindol 4y ago
  By now we know that if it’s only unethical it doesn’t violate regulations.
est31 4y ago
You can also spin it the other way, that Adobe hired an expert on Figma, someone who knew it well, has seen it grow, knew how it looked on the inside, and would probably easily spot any time the Figma team would be bullshitting during negotiations. At least one such person on your team is I think a major asset, but of course someone like that will likely still be connected in some fashion to that company, and create possible conflict of interest situations which means legal risk.

samstave 4y ago

absolute garbage. deleteing figma. will not use going forward (adobe is run by hedgies... WOZ way is a reminder of that fact

achow 4y ago

This rings so true.. ..even with Adobe keeping Figma as independent as it can be, it will develop and grow at a much slower pace since there will be no venture capital funds pouring in, and Adobe’s resources drained to pay off the acquisition cost. The only winner is Figma investors. This acquisition is a lose-lose-lose situation for Adobe, Figma, and the design community.

dontknowwhyihn 4y ago
That part of the article rang true and broke my heart a little bit. I only discovered Figma recently and was trying to decide if I should dive in and really learn it. Now I am much less excited about the prospect. The last thing I want is to be “nudged” towards an Adobe account. I would be surprised if Adobe doesn’t mess this up.

chx 4y ago

Adobe's financial performance has been pretty outstanding. In 2015, their net income was 630 million dollars with 13,893 employees. By 2019, through steady growth they have grown their income to 2,951 million dollars with 22,634 employees. In other words, while in 2015 an employee produced 45347 dollars but in 2019 the same person produced 130739 dollars. I would be slow to presume they do not know what they are doing. Does anyone even know when Adobe last had a net loss quarter?

paganel 4y ago
As far as I understood they're making quite good on their analytics software/services. I had a discussion on this with one of my friends who is more knowledgeable on the issue about 2 years ago, and I can't remember the exact name of the service/product, but I got out of it that they're processing a huge amount of data as analytics for large companies (and their associated campaigns). I remember that I found it strange back at the time that almost no-one was mentioning this in the tech media, all eyes were focused on the analytics businesses related to Facebook and Google.
- chx 4y ago
  They acquired Marketo, yes.

nkmnz 4y ago

"Adobe XD supports multi-player mode for three years now" – this is maybe true for some small batch of alpha version users. The designer at my last startup insisted on using XD and it was a huge pain because you couldn't work in parallel – the first person opening a file was locking it down for others to change.

jakewins 4y ago
This seems strange - they are very strongly featuring "live co-editing" as the supported feature set: https://www.adobe.com/products/xd/features/coediting.html https://www.adobe.com/products/xd/features/coediting.html If they didn't have support for that this would be a pretty egregious lie in the "here's our list of supported features" pitch to buyers?
- danieljacksonno 4y ago
  And no one would be surprised, coming from Adobe - destroyer of souls.

lucidlive 4y ago

What would it cost Adobe NOT to acquire Figma? I interview several UI/UX and product designers every week and without exception the tool they use if Figma.

geeky4qwerty 4y ago

Anyone else around for the dot com bubble? Why does the current tech M&A scene feel so eerily similar? I recognize that inflation is quickly destroying the value of the dollar, but $20 billion is still a mind numbingly large amount of money to be throwing around at the clear end of a long term tech sector growth cycle. This speaks as a brutal admission from Adobe corporate leadership that they lack the internal entrepreneurial skills to drive the development of new and innovative products in their market space, and based on the ~10% stock price drop since the announcement I imagine the market sees it the same way.

werber 4y ago

This deal feels very bizarre to me, albeit for completely different reasons. I frequently, even within one project with multiple designers will get figma, sketch, xd, photoshop and illustrator designs and it makes almost no difference for me. Perhaps I’m an anomaly, but when a creative asks what format to do something in I always tell them whatever they are most efficient and comfortable in. And when I do designs, out of years of Adobe dominance, I reach for xd, but feel comfortable in any of the other ones.

sgerenser 4y ago

After his mentioning of having a substantial portion of his net worth in Adobe stock, all I could think of is “oof, this is why everyone says to diversify.” Since he left Adobe in August 2021, Total stock index is down 17.7%, while ADBE is down 54.6%.

gubikmic 4y ago

What a bummer. Figma was hugely innovative, Adobe is nothing but rent-seeking. They'll just milk it to death. Same story with Slack and Salesforce.

crakhamster01 4y ago

I don't think this author did much research prior to writing this piece. > Who is David Wadhwani, the person Figma is going to report to? I have never heard of this name while working at Adobe. A little further research shows he joined Adobe in June 2021, just over a year ago. A quick look at his LinkedIn profile shows that he worked at Adobe for nearly 14 years prior to coming back as an exec. A little more digging shows that he came to Adobe back in 2005 via acquisition of Macromedia. > even with Adobe keeping Figma as independent as it can be, it will develop and grow at a much slower pace since there will be no venture capital funds pouring in Figma was already profitable. From all the reports, it doesn't seem like they had any intention of raising another round to continue growth. > With accelerated stock vesting triggered by the acquisition, a lot of Figma employees will jump ship to their next adventure. There is no accelerated vesting. It's fine to criticize this deal from a business strategy perspective, but don't make up details to hit the word count...

crakhamster01 4y ago
Some additional context around XD vs Figma: "After seven years of investment, Adobe XD was bringing in just $15 million in annual recurring revenue on a standalone basis — a minuscule fraction of Figma's $400 million annual recurring revenue. (That, in turn, is a minuscule fraction of Adobe's overall annual revenue of $17 billion.)"[0] [0] https://www.axios.com/2022/09/23/adobe-defends-figma-deal https://www.axios.com/2022/09/23/adobe-defends-figma-deal