Adobe’s record-breaking $20bn purchase of design software company Figma is the biggest acquisition of a venture capital-backed US company in history. Profit-less, fast-growing, start-up deals agreed at high-altitude revenue multiples are common in the tech sector. What is unusual is that this one comes in the wake of a sweeping downgrade in tech stock valuations.
Adobe以创纪录的200亿美元收购设计软件公司Figma，是历史上风险资本支持的美国公司的最大一笔收购。在科技行业，利润低、以高收入倍数达成的初创企业交易很常见。不同寻常的是，这次交易发生在科技股估值大幅下调之后。
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