Epoxy resin-acrylated polyurethane semi-interpenetrating polymer networks (semi-IPNs) were synthesized containing various ratios of the diglycidyl ether of bisphenol-A (DGEBA)-based epoxy resin and an acrylated aliphatic urethane oligomer. The synthesis was carried out in the presence of a mixture of triarylsulfonium hexafluoroantimonate salts as a dual photoinitiator that initiates both the cationic polymerization of the epoxy resin and the free-radical polymerization of the acrylated urethane oligomer simultaneously, upon irradiation with ultraviolet light. The simultaneous photopolymerization, followed by isothermal differential scanning calorimetry measurements, gave rise to simultaneous semi-interpenetrating polymer networks (semi-SINs). During polymerization, partial inhibition of the cationic polymerization was noticed. This was investigated by determination of the gel content and the infrared spectroscopy of the soluble fraction, after extraction of the synthesized polymer films in a Soxhlet apparatus, and by determination of the network density of investigated systems with thermal mechanical analysis. The compatibility of the components in the semi-IPNs was investigated by dynamic mechanical thermal analysis. It was found that glass transition temperatures are shifted inwardly, which indicated that the epoxy resin-acrylated polyurethane semi-IPNs were compatible.