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Figma’s IPO redraws the battle lines for creative tools

The news: Figma’s high-profile IPO—valued at $19.3 billion—lands it squarely in the league of top-tier software-as-a-service (SaaS) platforms and indicates renewed competition in cloud-based tools that agencies rely on for their campaigns.

The IPO was 40x oversubscribed—meaning there were 40 buyers for every share Figma offered—a clear signal that investors believe browser-native creative collaboration is just getting started, per The Wall Street Journal

A multibillion-dollar comeback: Figma’s public debut also marks a sharp reversal of fate. In 2022, Adobe tried to acquire Figma for $20 billion. But regulators in the US, UK, and EU pushed back, wary of Adobe eliminating a rising rival. 

The deal collapsed, and now, Figma is nearly worth what Adobe offered. However, by retaining its independence, Figma becomes an even stronger competitor.

A fast-growing force in creative workflows: Figma is already used by over 4,200 marketing and advertising firms—its third-largest user segment behind IT and software companies.

Globally, more than 67,000 companies rely on Figma, according to Enlyft, many of them are small to mid-sized creative teams with fewer than 50 people. Adobe Creative Suite still dominates in scale, with roughly 195,000 companies across all industries using it. But the battleground is shifting.

Browser-based platforms like Figma, Canva, and Runway are rewriting how agencies design, iterate, and deploy assets, without needing heavyweight software or legacy licenses.

Our take: Instead of being subsumed by Adobe, Figma is now free to chart its own course. Going public gives it the independence to scale, expand its ecosystem, and challenge incumbents directly.

For advertisers, Figma remaining independent gives agencies added choice. As creative tools compete for market share, expect faster innovation, more flexible pricing, and features tuned for digital-first campaigns. 

This content is part of EMARKETER’s subscription Briefings, where we pair daily updates with data and analysis from forecasts and research reports. Our Briefings prepare you to start your day informed, to provide critical insights in an important meeting, and to understand the context of what’s happening in your industry. Non-clients can click here to get a demo of our full platform and coverage.

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