KAYAK Software Corporation is slated to receive a $2.5 million state loan to help fund a $5 million renovation of a three-story, 17,000-square-foot, building at 7 Market Street in Stamford, Connecticut to serve as its headquarters. As part of the project, KAYAK expects it will hire an additional 50 employees within the next few years.

The Department of Economic and Community Development will provide a 10-year loan at one percent interest for building improvements. By retaining its current 40 employees and creating the new positions, KAYAK will be eligible for loan forgiveness. The State Bond Commission approves loan funding.

“Online travel represents a substantial piece of the Internet industry, with millions and millions of people booking hotels and other travel arrangements online each year,” said Gov. Dannel Malloy. “KAYAK is a leading travel technology company that processes more than 100 million travel search queries per month. The state’s investment in support of its new headquarters will help foster further growth for the brand as it continues to penetrate the global travel market.”

KAYAK was recently purchased by The Priceline Group, but operates as an independent brand. KAYAK's websites and mobile apps allow people to easily compare hundreds of travel sites at once.

“Having offers coming in from others, KAYAK was in a position to relocate from Connecticut,” said Catherine Smith Commissioner of DECD. “But with the state’s array of financial and technical resources, its creative workers, its network of innovative companies, and its competitive business environment, KAYAK knows that Connecticut is the right location to grow.”