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Figma Files For IPO

2 months 2 weeks ago
Figma has filed to go public on the NYSE under the ticker "FIG," marking one of the most anticipated IPOs in recent years following its scrapped $20 billion acquisition by Adobe. CNBC reports: Revenue in the first quarter increased 46% to $228.2 million from $156.2 million in the same period a year ago, according to Figma's prospectus. The company recorded a net income of $44.9 million, compared to $13.5 million a year earlier. As of March 31, Figma had 1,031 customers contributing at least $100,000 a year to annual revenue, up 47% from a year earlier. Clients include Amazon Web Services, Google, Microsoft and Netflix. More than half of revenue comes from outside the U.S. Figma didn't say how many shares it plans to sell in the IPO. The company was valued at $12.5 billion in a tender offer last year, and in April it announced that it had confidentially filed for an IPO with the SEC. [...] Figma was founded in 2012 by CEO Dylan Field, 33, and Evan Wallace, and is based in San Francisco. The company had 1,646 employees as of March 31. Before establishing Figma, Field spent over two years at Brown University, where he met Wallace. Field then took a Thiel Fellowship "to pursue entrepreneurial projects," according to the filing. The two-year program that Founders Fund partner Peter Thiel established in 2011 gives young entrepreneurs a $200,000 grant along with support from founders and investors, according to an online description. Field is the biggest individual owner of Figma, with 56.6 million Class B shares and 51.1% of voting power ahead of the IPO. He said in a letter to investors that it was time for Figma to buck the "trend of many amazing companies staying privately indefinitely." "Some of the obvious benefits such as good corporate hygiene, brand awareness, liquidity, stronger currency and access to capital markets apply," wrote Field. "More importantly, I like the idea of our community sharing in the ownership of Figma -- and the best way to accomplish this is through public markets." As a public company, Field said investors should "expect us to take big swings," including through acquisitions. In April, Figma bought the assets and team of an unnamed technology company for $14 million, according to the filing. They also registered over 13 million users per month, one-third of which are designers.

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Xerox Buys Lexmark For $1.5 Billion As Print Industry Clings To Relevance

2 months 2 weeks ago
BrianFagioli shares a report from NERDS.xyz: In a move that feels straight out of a different era, Xerox has officially acquired Lexmark for $1.5 billion. The deal includes net debt and assumed liabilities, and it pulls Lexmark out of the hands of Chinese ownership and into a freshly restructured Xerox. That's a lot of money for a company best known for making machines that spit out paper. According to Xerox, this is all part of a "Reinvention" strategy. The company now claims it will be one of the top five players in every major print category and the leader in managed print services. [...] Xerox says the new leadership team will include executives from both sides, and the combined business will now support over 200,000 clients in more than 170 countries. They'll also be running 125 manufacturing and distribution centers in 16 countries.

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AMC Warns Moviegoers To Expect '25-30 Minutes' of Ads and Trailers

2 months 2 weeks ago
AMC Theatres now warns customers that movies start 25-30 minutes after the listed showtime to account for ads and trailers, "making it easier for moviegoers to know the actual start time of their film screening," reports The Verge. From the report: Starting today, AMC will also show more ads than before, meaning its preshow lineup may have to be reconfigured to avoid exceeding the 30-minute mark. The company made an agreement with the National CineMedia ad network that includes as much as five minutes of commercials shown "after a movie's official start time," according to The Hollywood Reporter, and an additional 30-to-60-second "Platinum Spot" that plays before the last one or two trailers. AMC was the only major theater chain to reject the National CineMedia ad spot when it was pitched in 2019, telling Bloomberg at the time that it believed "US moviegoers would react quite negatively." Now struggling financially amid an overall decline in movie theater attendance and box-office grosses, AMC has reversed course, telling The Hollywood Reporter that its competitors "have fully participated for more than five years without any direct impact to their attendance."

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With OpenAI, there are no allegiances - just compute at all costs

2 months 2 weeks ago
Google's TPUs might not be on Altman's menu just yet, but he's never been all that picky about hardware

Analysis  No longer bound to Microsoft's infrastructure, OpenAI is looking to expand its network of compute providers to the likes of Oracle, CoreWeave, and apparently even rival model builder Google.…

Tobias Mann