InfoSpace taps new director, signaling a fresh M&A strategy? |
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InfoSpace taps new director, signaling a fresh M&A strategy?
InfoSpace, the Bellevue Internet search company, today named Braden Kelly to its board of directors. Kelly is a former partner and managing director of the private equity firm General Atlantic, where he was responsible for establishing the firm's Silicon Valley office.
The press release spells out Kelly's appointment in clear detail, but what caught my eye were a couple references to what appears to be a new M&A strategy for InfoSpace.
"This is an exciting time to join the InfoSpace board as the company is executing its strategy to grow its search business and solidifying its acquisition strategy," Kelly said. "I look forward to working with the board to help bring the company into its next phase."
Meanwhile, InfoSpace CEO Will Lansing added that Kelly will help the company grow "both organically and through acquisitions."
What's interesting about those remarks is that InfoSpace spent the past few years dismantling many of its business units, selling off pieces to other companies. Now, with a renewed focus on search, it appears that InfoSpace may be going after some acquisition targets of its own.
It actually has a decent amount of cash, cash equivalents and marketable securities on the books -- $208 million at the end of the second quarter. It also had no debt.
Now, the key question is: Who is InfoSpace looking to buy?
Kelly -- who previously worked in investment banking for Morgan Stanley -- is the ninth member of the board. And given his background, he certainly should know his way around the buyout negotiation table.
Last month, George Tronsrue III announced his plans to resign from the board to focus on charitable organizations.
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