Brands/Products
Adobe Buys Design Platform Figma for $20bn
By Adedapo Adesanya
Creative digital technology giant, Adobe, has entered into a definitive merger agreement to acquire Figma, a leading web-first collaborative design platform, for $20 billion in cash and stock.
In a press release seen by Business Post, it was stated that the combination of Adobe and Figma will usher in a new era of collaborative creativity.
“Adobe’s mission is to change the world through digital experiences. Today, the digital economy runs on Adobe’s tools and platforms, and throughout its history, the company’s innovations have touched billions of lives across the globe. From revolutionizing imaging and creative expression with Photoshop; to pioneering electronic documents through PDF; to creating the digital marketing category with Adobe Experience Cloud, Adobe continues to invent and transform categories,” the statement said.
When approved, 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.
Speaking on this, Shantanu Narayen, chairman and CEO, Adobe said — “Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions.
“The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”
With Adobe’s and Figma’s expansive 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.
“Figma has built a phenomenal product design platform on the web,” said Mr David Wadhwani, president of Adobe’s Digital Media business. “We look forward to partnering with their incredible team and vibrant community to accelerate our joint mission to reimagine the future of creativity and productivity.”
On his part, Mr Dylan Field, co-founder and CEO, Figma notes that “With Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging and fonts, we can further reimagine end-to-end product design in the browser, while building new tools and spaces to empower customers to design products faster and more easily.”
Figma has a total addressable market of $16.5 billion by 2025. The company is expected to add approximately $200 million in net new ARR this year, surpassing $400 million in total ARR exiting 2022, with best-in-class net dollar retention of greater than 150 per cent. With gross margins of approximately 90 per cent and positive operating cash flows, Figma has built an efficient, high-growth business.
The transaction is expected to close in 2023, subject to the receipt of required regulatory clearances and approvals and the satisfaction of other closing conditions, including the approval of Figma’s stockholders.
Upon the closing of the transaction, Mr Dylan Field, Figma’s co-founder and CEO, will continue to lead the Figma team, reporting to Mr David Wadhwani, president of Adobe’s Digital Media business. Until the transaction closes, each company will continue to operate independently.
By Aduragbemi Omiyale
The chief executive of Canal+ Africa, Mr David Mignot, has disclosed that MultiChoice is now fully integrated into the media group.
Mr Mignot disclosed this via a statement issued on Thursday, noting that this development marks a new phase in the evolution of one of Africa’s leading pay television operators.
He noted that the integration positions MultiChoice within a global media organisation with an extensive international footprint.
“MultiChoice is now a full subsidiary of a truly international media group operating in 70 countries. The group was founded in France, is listed in London and Johannesburg, and has a strong African presence with operations in more than 45 countries,” Mr Mignot said.
The statement underscores the scale of the combined business, highlighting Canal+’s global reach alongside its significant investments across Africa.
The completion of the transaction is expected to strengthen MultiChoice’s position in the African media and entertainment market by giving it access to the broader resources, expertise and international capabilities of the Canal+ Group, while reinforcing the group’s commitment to the continent.
MultiChoice operates across sub-Saharan Africa through platforms including DStv and GOtv, serving millions of subscribers with entertainment, sports and news content.
By Adedapo Adesanya
FoodCourt, a Nigerian cloud kitchen startup backed by Y Combinator, has suspended operations after months of unpaid salaries and mounting debts to vendors triggered a staff strike and forced the company to halt customer orders, according to a report by TechCabal.
The publication reported that customers first noticed on March 4 that they could no longer place orders through the FoodCourt app after the company disabled ordering as kitchen workers, delivery personnel and branch staff embarked on strike over unpaid wages. The company also owed outstanding payments to vendors.
By April 19, FoodCourt had temporarily shut its last operating branch after suspending activities across its Lagos and Abuja locations while seeking fresh funding and restructuring the business, according to the report.
The company’s chief executive, Mr Henry Nneji, said the decision to pause operations was not caused by a single issue but by a combination of operational, organisational and working-capital challenges.
“It’s important to clarify that the decision to pause operations wasn’t driven by one single issue. We reached a point where it became clear that continuing to patch those issues while operating wasn’t the right long-term decision,” he said.
“The objective is to build a stronger business than the one that existed before the suspension. We fully intend to bring FoodCourt back,” he added in an emailed response.
The company acknowledged outstanding obligations to employees, vendors, riders and service providers, but declined to disclose the number of affected workers or the total amount owed. It said efforts were underway to resolve the liabilities as part of its restructuring process.
It was also reported that the startup’s financial difficulties worsened after expansion into additional locations increased operating costs, while its cloud kitchen model came under pressure from rising labour, logistics, food and marketing expenses.
Despite the shutdown, Mr Nneji said FoodCourt intends to relaunch after completing its restructuring, adding that the company believes demand for its products remains strong.
Founded in 2021 by Henry Nneji and Paul Adokiye Iruene, FoodCourt operates cloud kitchens under multiple virtual restaurant brands through its consumer app. According to TechCabal, the startup had previously disclosed raising $1.7 million, delivering more than one million meals and reaching $4.3 million in annual recurring revenue by the end of 2024.
By Aduragbemi Omiyale
To further reinforce its commitment to continuous enhancement of customer experience through menu innovation and quality improvements, Chicken Republic, Nigeria’s leading quick-service restaurant brand and a flagship brand of Food Concepts Plc, has improved its Smokey Jollof recipe across restaurants nationwide.
As a customer-centric brand, Chicken Republic regularly evaluates consumer feedback, dining trends, and product performance to ensure its menu continues to deliver the quality and value to which customers have become accustomed.
The updated Smokey Jollof is part of this ongoing commitment to continuous improvement.
The refreshed recipe represents the latest evolution of one of the brand’s most popular offerings.
Developed with a focus on richer flavour, greater consistency and an even more satisfying eating experience, the improved Smokey Jollof reflects Chicken Republic’s dedication to meeting the evolving tastes and expectations of its customers.
“At Chicken Republic, our customers are at the heart of every decision we make. We are constantly listening, learning and looking for ways to improve the experience we deliver.
“The improved Smokey Jollof is a reflection of that commitment. We’ve refined the recipe to deliver an even richer, more enjoyable taste experience while maintaining the flavour profile our customers know and love,” the Managing Director of Food Concept, Mr Olumide Aniyikaiye, stated.
“Great brands evolve with their consumers. This update is not about changing what people love, but about making it even better.
“We are confident that customers will enjoy the improved recipe and appreciate the attention we continue to invest in delivering quality meals every day,” Mr Aniyokaiye added.
The improved Smokey Jollof is now available at Chicken Republic outlets nationwide, allowing customers to experience a more flavourful and consistent version of a fan-favourite menu item.
This latest enhancement underscores Chicken Republic’s broader commitment to innovation, quality and creating memorable meal experiences for customers across Nigeria.
