Bethesda, Md. – Cambridge Information Group (CIG), a Bethesda- and New York-based investment firm focused on the information services and education industries, said it has invested an additional $7 million in InfoSpace, a Bellevue, Wash.-based developer of Internet search technology.
As part of its investment, CIG bought 764,192 shares of InfoSpace common stock and was issued warrants to purchase an additional 1 million shares . Having not yet exercised the warrants, CIG currently it owns approximately 4.8 percent of InfoSpace. According to a filing with the Securities and Exchange Commission (SEC), the firm will own a 7.2 percent stake in the company, whose metasearch technology combines the top results from several of the largest online search engines, when it acts on those warrants.
InfoSpace has named Cambridge CEO Andrew Snyder to its board of directors. In addition, Snyder will head a newly-created mergers and acquisitions committee of the board
This article was also published in Potomac Tech Wire.
SEC filing – http://tinyurl.com/3lbschn
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