InfoSpace, Inc. (NASDAQ:INSP), a leading provider of metasearch solutions, today announced that it has appointed Andrew (Andy) M. Snyder, CEO of Cambridge Information Group (CIG), to its Board of Directors. In addition, Mr. Snyder will head a newly-created mergers and acquisitions committee of the Board. CIG, a family-owned management and investment firm, is currently a large shareholder and is increasing its investment to approximately 4.8 percent of the outstanding shares of InfoSpace. “We are thrilled to add Andy to our Board, concluding a process we began in April to add a qualified shareholder to our board of directors," said John Cunningham, Chairman of the Board of InfoSpace. “As a seasoned executive with considerable M&A experience, Andy’s insights will be invaluable as we continue to look for acquisition opportunities that will help reposition the Company and unlock value for our shareholders. We look forward to working with Andy and welcome his significant investment in our future.” Mr. Snyder said, “CIG increased its investment in InfoSpace because of its strong portfolio of assets and great potential. Given the Company’s large cash position and significant tax asset, we are aligned with the Board and management in the ability to create meaningful shareholder value through an effective acquisition strategy. I look forward to working with the entire Board and management team to help shape the Company’s future.” CIG invests in and builds companies for long-term success. Mr. Snyder joined the company in 2003 and is responsible for oversight of its operating companies and investments. Under Mr. Snyder’s leadership, CIG has grown significantly and completed more than thirty acquisitions over the past eight years including the $200+ million acquisition of ProQuest Information and Learning. Prior to joining CIG, Mr. Snyder spent seven years at the Goldman Sachs Group, where he most recently focused on traditional media, technology and services investing for the firm’s private equity fund.
Shares of InfoSpace (Nasdaq:INSP) were gapping up Thursday morning with an open price 12.2% higher than Wednesday's closing price. The stock closed at $10.98 yesterday and opened today's trading at $12.32.