Adobe (ADBE  ) announced that it will purchase design platform of Figma in a stock and cash deal estimated at $20 billion.

"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," Adobe said. "The combined company will have a massive, fast-growing market opportunity and capabilities to drive significant value for customers, shareholders and the industry."

According to Adobe, the terms of the partnership entail that it consists of half cash and half stock. Additionally, it will involve 6 million restricted stock units that will be administered to Figma CEO and workers. In 2023, the company is anticipated to shut down entirely.

Both Adobe and Figma share similar long-term goals with regards to motivating people to be more creative and productive. The future collaboration between Figma and Adobe, as one unified company, will likely enable individuals to exchange ideas and to further share them with consumers. Demonstrating creative innovations to customers will be one key objective for the new collaborative effort between Adobe and Figma.

Adobe especially prides itself on its elaborate design platform and developing tools, so as to further understand and broaden the scope of collaborative design processes. Digital applications for photography, illustration, imaging, 3D, video, and font technology are all areas in which Adobe thrives, and would like to continue to do so with this Figma partnership.

"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," said Dylan Field, co-founder and CEO, Figma.

The new partnership between Adobe and Figma, though likely to bring its own unique set of challenges, is suspected to prove to be successful in the long run, since both platforms already offer unique aspects of creativity and design.

"Adobe's greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions," said Shantanu Narayen, chairman and CEO, Adobe. "The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity."