After Adobe deal died, Figma summoned employees from company-wide PTO to town hall
Summary
With just three hours notice, Figma called its 1,300-person workforce (known internally as “Figmates”) back from vacation to attend a spur of the moment optional town hall that reviewed the company’s future with the Adobe deal scuttled, Fortune has learned. This town hall, which lasted 60 minutes early Monday morning eastern time, came after 15 months of talks between Figma, Adobe and regulators to reach an agreement for the creativity enterprise companies to merge. “Despite thousands of hours spent with regulators around the world detailing differences between our businesses, our products, and the markets we serve, we no longer see a path toward regulatory approval of the deal,” wrote the Figma CEO in a letter published on the company blog, first shared with employees. Adobe’s stock has climbed 4% since the deal was called off, demonstrating Wall Street’s dislike of acquisitions that inflate venture-backed price tags by enormous percentages and billions of dollars. Wall Street’s attitude is shared by many Figma users, who have long cherished the creative collaboration software as a simpler and cheaper alternative to Adobe’s offerings like PhotoShop, InDesign, InCopy and so on.
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