Adobe’s acquisition of Figma represents the most expensive SaaS multiple ever paid by a public company at a 50X ARR valuation (compared to Slack’s acquisition by Salesforce at 26X ARR and Github’s acquisition by Microsoft at 23X ARR). The $20 billion price tag is larger than Figma’s total available market opportunity last year. Does this accurately reflect the evolving value of modular, decentralized low-code software tools?