Adobe moves to acquire Semrush in $1.9B deal

Adobe has reached an agreement to buy digital marketing and SEO platform Semrush in an all-cash deal valued at about $1.9 billion, marking one of the company’s largest attempts in recent years to expand its marketing technology portfolio amid rising pressure to adapt to AI-driven changes in online search and brand visibility.

Under the terms announced Wednesday, Adobe will pay $12 per share for Semrush — a price that nearly doubles the marketing firm’s previous close and represents a significant premium over its recent valuation. The acquisition is expected to close in the first half of 2026, pending regulatory and shareholder approval.

Semrush, which went public in 2021, provides tools for search engine optimization, digital advertising, and social media campaigns. In recent years, the company has shifted focus toward what it calls “generative engine optimization,” aiming to help brands remain visible as consumers increasingly use AI chatbots, agents, and AI-enhanced browsers to seek information and make purchase decisions.

Adobe says combining its marketing products — including Adobe Analytics, Adobe Experience Manager, and the newer Adobe Brand Concierge — with Semrush’s data and optimization tools will give businesses a clearer picture of how their brands appear across websites, search engines, and large language models. According to Adobe’s own analytics, traffic to retail sites from generative AI tools surged 1,200% year-over-year in October, highlighting a rapid change in how consumers discover products.

The acquisition comes as Adobe faces mounting investor scrutiny over the pace of its AI monetization efforts and competitive pressure in the design and marketing software sector. Adobe’s shares have fallen more than 25% this year, while Semrush’s stock has remained relatively flat. Analysts note that the purchase price suggests Adobe is prioritizing long-term strategic value over immediate revenue impact.

Adobe’s attempt to buy design platform Figma for $20 billion collapsed in 2023 after regulators signaled concerns over competition in the creative software market. The Semrush deal is significantly smaller but still positions Adobe to strengthen its presence in marketing technology at a moment when AI-generated search results and conversational interfaces are reshaping online visibility.

If completed, the acquisition will fold Semrush’s search and AI-focused optimization tools into Adobe’s broader strategy for businesses navigating an evolving digital landscape where traditional search rankings and generative AI recommendations increasingly coexist.