Adobe has signed an ultimate merger agreement to purchase Figma the world's largest web-based collaborative design platform for around $20 billion in cash and shares.

The Shantanu Narayen CEO and chairman of the board said that Adobe's success is due to our ability to invent new areas of business

and to provide cutting-edge technology through organic innovation and acquisitions made inorganically".

Adobe said that Adobe's and Figma's vast product portfolio will provide combined company will a rare chance to shape the future of work at a time.

The company also emphasized that Figma's web-based multi-player capabilities will help speed up the distribution the Adobe Creative Cloud technologies on the internet,

making the creative process more efficient and accessible to a wider audience.

The new operations will benefit people involved in the design process from product manager to programmers,

as they bring powerful capabilities of Adobe's imaging, illustration, photography 3D, video and font technologies into Figma, the Figma platforms, two companies claimed.