• Adobe Inc. is in advanced talks to acquire Semrush Holdings Inc. for approximately $1.9 billion, or $12 per share, according to people familiar with the matter.
  • The deal would mark Adobe's largest marketing SaaS acquisition to date, significantly expanding its digital experience platform capabilities.
  • Semrush shares surged more than 28% in after-hours trading following the report, though neither company has officially confirmed the negotiations.

Adobe is closing in on a landmark acquisition that would bring digital marketing analytics platform Semrush into its expanding portfolio of marketing technologies. The proposed $1.9 billion transaction, first reported by the Wall Street Journal, would see Adobe paying $12 per share for the Boston-based SaaS provider, representing a substantial premium over recent trading levels.

People familiar with the discussions said negotiations have progressed rapidly in recent days, though the terms could still shift or the deal could fall apart entirely. The acquisition would accelerate Adobe's strategy to build a comprehensive digital experience ecosystem that spans content creation, marketing analytics, and advertising optimization.

Semrush, which went public in 2021, has established itself as a leading platform for search engine optimization, content marketing, and competitor intelligence. The company recently projected full-year 2025 revenues between $443.5 million and $445.5 million, representing approximately 18% year-over-year growth. More notably, the company has demonstrated strong adaptation to AI-driven market shifts, tripling its AI share of voice from 13% to 32% in just one month earlier this year.

"This would be a strategic masterstroke for Adobe's marketing cloud," said one technology analyst who asked not to be named while the deal remains unconfirmed. "Semrush brings deep SEO and competitive intelligence capabilities that complement Adobe's existing content and analytics offerings."

The potential acquisition comes amid ongoing consolidation in the martech sector, where large platforms are increasingly seeking to integrate specialized competencies. Semrush itself has been active in the M&A market, having acquired companies including Third Door Media, Ryte, Datos, and Exploding Topics over the past two years to expand its content, analytics, and trend discovery capabilities.

Regulatory scrutiny is expected, though sources indicated they don't anticipate significant antitrust hurdles given the complementary nature of the businesses. The deal would nevertheless represent one of the larger marketing technology acquisitions in recent years, echoing similar moves by competitors like Salesforce's acquisition of Tableau and Oracle's purchase of Eloqua.

Attempts to reach representatives from both Adobe and Semrush for comment were unsuccessful. Trading in Semrush shares was halted briefly after the report surfaced, then resumed with heavy volume as the stock climbed to $11.45 in after-hours trading, approaching the reported acquisition price.

Correction: An earlier version of this article misstated the timing of Semrush's AI metrics. The company tripled its AI share of voice in one month during 2025, not 2024.