London, Jun 20 (IANS): Software major Adode's $20 billion acquisition of cloud-based designer platform Figma is reportedly under scrutiny by the antitrust regulators in the European Union, the media reported on Tuesday.

The EU regulators are preparing to launch a formal investigation into the acquisition, reports the Financial Times.

The UK's competition watchdog is also looking into the Adobe-Figma deal.

Adobe is already discussing the acquisition with regulators in the UK, EU, and the US.

In September last year, Adobe announced it would acquire design software company Figma for about $20 billion in a cash and stock deal.

Founded by Dylan Field and Evan Wallace in 2012, Figma pioneered product design on the web. The combination of Adobe and Figma will usher in a new era of collaborative creativity.

"The combination of Adobe and Figma is transformational and will accelerate our vision for collaborative creativity," said Shantanu Narayen, Chairman and CEO, Adobe.

Figma has a total addressable market of $16.5 billion by 2025. The company is expected to add approximately $200 million in net new ARR this year, surpassing $400 million in total ARR exiting 2022.