State-of-the-art ab initio techniques have been applied to compute the potential energy curves for the SrYb molecule in the Born-Oppenheimer approximation for the electronic ground state and the first fifteen excited singlet and triplet states. All the excited state potential energy curves were computed using the equation of motion approach within the coupled-cluster singles and doubles framework and large basis-sets, while the ground state potential was computed using the coupled cluster method with single, double, and noniterative triple excitations. The leading long-range coefficients describing the dispersion interactions at large interatomic distances are also reported. The electric transition dipole moments have been obtained as the first residue of the polarization propagator computed with the linear response coupled-cluster method restricted to single and double excitations. Spin-orbit coupling matrix elements have been evaluated using the multireference configuration interaction method restricted to single and double excitations with a large active space. The electronic structure data were employed to investigate the possibility of forming deeply bound ultracold SrYb molecules in an optical lattice in a photoassociation experiment using continuous-wave lasers. Photoassociation near the intercombination line transition of atomic strontium into the vibrational levels of the strongly spin-orbit mixed b(3)Σ(+), a(3)Π, A(1)Π, and C(1)Π states with subsequent efficient stabilization into the v'' = 1 vibrational level of the electronic ground state is proposed. Ground state SrYb molecules can be accumulated by making use of collisional decay from v'' = 1 to v'' = 0. Alternatively, photoassociation and stabilization to v'' = 0 can proceed via stimulated Raman adiabatic passage provided that the trapping frequency of the optical lattice is large enough and phase coherence between the pulses can be maintained over at least tens of microseconds.