What we think about Adobe (ADBE)
Adobe in Three Words: SaaS, Creative, Ecosystem
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Background
Just over forty years ago, Adobe was founded in John Warnock’s garage in Los Altos, California, a small San Francisco Bay area city. Profitable in its first year, Adobe’s first product was PostScript, which quickly became the first international standard for computer printing software. In 1995, Adobe acquired Photoshop for $35 million, laying the foundation for the company that would go on to become the dominant force in creative software.
Its software is the canvas on which we design our digital experiences. As digital experiences play a more significant role in our everyday lives, Adobe is a leader in three massive categories that are direct beneficiaries of this movement: - Digital creation - Digital document management - Digital customer experiences
Participating in these trends has enabled Adobe to enjoy consistent top- and bottom-line growth rates with a high operating margin that clears 30% with ease.
In September 2022, the company announced its intent to acquire Figma, a collaborative web application for user interface and experience design, for $20 billion.
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