Why Adobe Wants Figma and Why Some Investors Are Worried

Adobe the low-key maker of digital tools to create PDFs and edit photos, pleased investors by reinventing itself as a subscription-software business. Its latest effort to keep pace with the times isn’t landing so well.

Adobe this past week unveiled its largest-ever acquisition, agreeing to buy Figma, a little-known software startup that specializes in helping digital creators collaborate. The $20 billion deal price spooked investors and raised questions among analysts about the health of Adobe’s business.