Adobe Inc announced on Thursday it would buy online design startup Figma for about $20 billion to expand its portfolio of collaboration-focused platforms geared for the hybrid-work era.

According to a statement by Adobe, “Adobe and Figma will benefit all stakeholders in the product design process, from designers to product managers to developers, by bringing powerful capabilities from Adobe’s imaging, photography, illustration, video, 3D and font technology into the Figma platform.”

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, stated Adobe.