InfoSpace has hinted at plans to go on a buying spree. And with $263 million in cash and cash equivalents on the books, the Bellevue Internet search company is poised to branch out in some interesting directions. Today, InfoSpace named Andy Snyder — an M&A expert and CEO of Cambridge Information Group — to the board. As a result of the appointment, CIG is bolstering its stake in InfoSpace to 4.8 percent.

Snyder’s mission on the board is pretty clear: Help the maker of the DogPile and Metacrawler search engines find attractive investment opportunities.

“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,” said InfoSpace Chairman John Cunningham in a statement.

Snyder joined New York-based CIG in 2003, and has helped the firm complete more than 30 acquisitions.

Shares of InfoSpace rose slightly on the news, giving the company a market value of $356 million. That’s not a lot more than the company’s considerable cash position at the end of the second quarter.

InfoSpace tried to branch out into e-commerce last year with the purchase of Mercantila, but the deal didn’t work out and the assets ended up being sold off at a loss.

So, how do you think InfoSpace should expand?

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