Adobe's $1.9B Semrush Bet: AI-Driven Marketing Push to Fill Figma's Gap

Adobe nears $1.9 billion deal for software provider Semrush, marking strategic push into AI-driven marketing.

Adobe Inc. is on the verge of acquiring Semrush, a software platform specializing in search-engine optimization (SEO) and digital marketing tools, for $1.9 billion in a deal that could close as soon as Wednesday. The Wall Street Journal reported that Adobe is set to pay $12 a share for Semrush, a 78% premium over its Tuesday closing price of $6.76, valuing the company at nearly double its market capitalization of $1.1 billion. The acquisition, if finalized, would represent Adobe's first major purchase since the failed $20 billion attempt to buy Figma in 2022.

The deal aligns with Adobe's broader strategy to integrate AI into its marketing and analytics offerings. Semrush's platform, which helps businesses optimize online visibility and track performance on AI-driven search engines like ChatGPT and Google Gemini, complements Adobe's existing tools such as Adobe Analytics and Photoshop. Semrush, which went public in 2021, has positioned itself as a leader in AI adoption within SEO, recently unveiling tools to measure performance across traditional search engines and large language models (LLMs).

Adobe's stock has fallen more than 20% this year as investors weigh its ability to transition into an AI powerhouse. The company has raised its fiscal-year outlook twice in 2025, citing growing demand for premium features tied to AI capabilities. Semrush shares, meanwhile, surged 70% in premarket trading on the news, reflecting optimism about the deal's potential to unlock value for its shareholders.

The acquisition could also address gaps in Adobe's marketing suite. Semrush's clients include major enterprises like TikTok and Amazon, and its tools are designed to help marketers navigate the evolving digital landscape dominated by AI. By integrating Semrush's technology, Adobe aims to provide a more comprehensive solution for brands seeking to manage their online presence across both traditional and AI-driven platforms.

However, the deal is not without risks. The WSJ noted that negotiations could still collapse, as was the case with Adobe's Figma acquisition, which faced regulatory hurdles in Europe and the UK. Unlike the Figma deal, Semrush's relatively smaller market cap means the transaction would represent a modest investment for Adobe, which has a $135 billion valuation.

Analysts view the move as a calculated step in Adobe's AI-driven transformation. The company has emphasized its commitment to AI since September, when it reported that customers were increasingly opting for premium tools with advanced capabilities. Semrush's expertise in AI-powered SEO aligns with Adobe's goal of embedding AI into its creative and marketing workflows.

Semrush's stock volatility underscores the broader market's skepticism toward tech acquisitions. While its shares have gained sharply in premarket trading, Adobe's stock remained flat, reflecting lingering concerns about its AI ambitions. The deal's outcome could influence investor sentiment, particularly if Adobe demonstrates a clear path to leveraging Semrush's technology for growth according to market analysis.