Adobe announced Thursday morning that it will acquire design software firm Figma in a deal worth about $20 billion in cash and stock.

“Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions,” said Shantanu Narayen, chairman and CEO, Adobe. “The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity.”

Shares of Adobe slid more than 8% in premarket trading on Thursday.

This is breaking news. Please check back for updates.