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Merger and Acquisition

Adobe To Acquire Web-Based Design Platform, Figma in a Deal Worth $20 Billion

Figma announced it has entered into an agreement to be acquired by Adobe, the Co-Founder and CEO of Figma, Dylan Field said in a blog statement sent to Figma users. 

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Today, September 15, 2022, Figma announced it has entered into an agreement to be acquired by Adobe, the Co-Founder and CEO of Figma, Dylan Field said in a blog statement sent to Figma users. 

Figma is an advanced web-based graphic design tool that offers next-generation collaborative work on UI/UX prototyping. It is a robust application that enables you to create unique UX designs that are user-friendly yet professional. It was founded 10 years ago by Dylan Field and Evan Wallace.

The collaborative design platform has become key for many businesses in recent years.

Investors King gathered that Adobe offered approximately $20 billion in cash and stock for the leading web-based collaborative design platform. 

While Adobe is used to create, view, and annotate text among others, the combination of Adobe and Figma will usher in a new era of collaborative creativity.

According to Adobe in a press statement, “Together, Adobe and Figma will reimagine the future of creativity and productivity, accelerate creativity on the web, advance product design and inspire global communities of creators, designers and developers. The combined company will have a massive, fast-growing market opportunity and capabilities to drive significant value for customers, shareholders and the industry”

“Adobe and Figma share a passion for helping individuals and teams to be more creative and productive. With Adobe’s and Figma’s extensive product portfolio, the combined company will have a rare opportunity to power the future of work by bringing together capabilities for brainstorming, sharing, creativity and collaboration and delivering these innovations to hundreds of millions of customers”, the statement added. 

After the acquisition, Adobe will allow Figma to work autonomously and retain Dylan as Figma’s Chief Executive Officer (CEO). Dylan will however be reporting to David Wadhwani. David Wadhwani is the Executive Vice President and Chief Business Officer, Digital Media at Adobe Incorporated. 

 

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Merger and Acquisition

Access Bank Plans Expansion Into Angolan Market

Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

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Access Holdings Plc has announced its planned acquisition of  a 51 percent majority equity stake in Angolan Bank, Finibanco.

Investors King learnt that Access Bank Plc is expanding its presence to Angola through the acquisition of a 51 percent stake in Finibanco.

The acquisition of Finibanco was disclosed in a filing to the Nigerian Exchange Limited by Access Holdings Plc.

Finibanco is a full-service commercial bank with over 20 branches and around $300 million in total assets in Angola.

According to Access Holding Secretary, Mr Sunday Ekwochi, the Angolan market as the sixth largest economy in Africa and the seventh largest country overall, with a vast and diversified natural resource base and a growing population, represents a strong potential for the bank’s growth aspirations

The Secretary further stated that the transaction is subject to regulatory approvals in Nigeria and Angola. The transaction is expected to be completed during the first half of 2023. This will however be subjected to customary conditions.

Access Bank has been on an acquisition spree since the beginning of 2021. The acquisition of a majority stake in Finibanco makes it Access’s sixth acquisition in the last 18 months.

In June 2022, it acquired a $37 million stake in Kenya Sidian Bank. Other acquisitions include African Banking Corporation of Botswana Limited, African Banking Corporation Zambia Limited, as well as Cavmont Bank.

Access bank is one of the leading banks in Nigeria. As a commercial bank, it operates through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets and 45 million customers.

The lending bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom. It also has a branch in Dubai, UAE and representative offices in China, Lebanon and India.

As at 31 March 2022, Access Bank had total assets of approximately US $28.8 billion.

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Merger and Acquisition

Shell to Acquire Nigerian Solar Energy Provider, Daystar Power

Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

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Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.

Daystar Power, which is one of the leading providers of hybrid solar power solutions to commercial and industrial (C&I) hubs in West Africa, announced the potential acquisition in a press release. 

According to the energy provider, the acquisition will help Daystar Power to continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa. 

The Lagos-based company has a target to increase its installed solar capacity to 400MW by 2025. 

Daystar Power currently has an installed solar capacity of 32 Megawatts (MW).

This could make Daystar Power to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg disclosed that Daystar Power needed more capital to expand operations to meet the rising demand for solar energy and the choice of Shell as the new parent company comes at the right time. 

Jasper further stated that Shell’s strong balance sheet and long history in Africa will help to take Daystar to a new height.

On the other hand, Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm noted that the deal will be Shell’s first power acquisition in Africa. 

He noted further that the deal is a fundamental step for Shell in growing its presence in the emerging power market. 

“We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” he said.

“Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.” Shell’s Executive Vice-President concluded.

Investors King learnt that Daystar Power currently has a presence in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.

 

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Merger and Acquisition

PowerDFI Acquires Nigerian Startup Naijacrypto to Impove BlockChain Transparency And Security

PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

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PowerDFI, a US-based blockchain company that redefines payments and enables the usage of tokenized assets, has acquired Nigerian-owned cryptocurrency exchange company Naijacrypto.

The Nigerian cryptocurrency exchange startup expanded its offering into six new markets this year and also improved its presence in existing markets.

It is one of the few Nigerian cryptocurrency exchange platforms with its presence in the Caribbean, and has on several occasions indicated an interest in expanding to other Latin American countries.

Speaking on the recent acquisition, PowerDFI CEO Tim Webb said “Adding the work done by Naijacrypto to what we are building in PowerDFI fills out our technology suite to handle trillions in assets over the next decade.”

“We are set to lead the transition of the $57 trillion shadow banking market to the blockchain to improve transparency and security,”

Our combined strengths of being first in the market to allow the staking of physical assets using smart contracts on the blockchain and the integration of various yield mechanisms to be a leading fintech globally.” 

We’re also building a derivative platform on the blockchain to help businesses hedge against native currency and asset exposure risk to global markets,” Webb explained.

Also speaking on the acquisition, Naijacrypto CEO Chiagozie Iwu in an email to its users said;

“Harnessing its innovative blockchain technologies, PowerDfi also expects to lead the way in “bringing physical asset economic utility to the Blockchain.

This acquisition allows us to bring the future of financing vast amounts of critical assets to the blockchain. No other DeFi platform is making it possible for tokenized assets to be leveraged for staking, loans, and derivative creation.

Large amounts of equity can now be unlocked and unfrozen because of the PowerDfi platform and its staking and lending protocols.

At a time of job-cutting and freezing client funds in this sector, we’re creating a robust new platform that will drive asset financing on the blockchain globally.

PowerDfi’s acquisition of Naijacrypto is a fit-like-a-glove, synergistic arrangement in which the capabilities of each company perfectly meet the needs of the other”.

PowerDfi is the next phase of the DeFi evolution, and I am glad Naijacrypto and its entire team will have a front seat on this journey”.

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