STAMFORD, Conn.-- The state will loan South Norwalk-based Kayak Software Corp. a total of $2.5 million to help the company renovate a building in Stamford to serve as its new headquarters, Gov. Dannel P. Malloy announced Wednesday.
Kayak, an online travel website, plans to renovate a three-story building at 7 Market St. in Stamford. The total cost of the project is expected to be $5 million. When finished, the 17,000-square-foot facility will serve as Kayak’s corporate headquarters. As part of the project, Kayak expects to hire an additional 50 employees within the next few years.
“Having offers coming in from others, Kayak was in a position to relocate from Connecticut,” Economic and Community Development Commissioner Catherine Smith said in a statement. “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.”
The Department of Economic and Community Development will provide a 10-year loan at 1 percent interest for building improvements. By retaining its 40 employees and creating the new positions, Kayak will be eligible for loan forgiveness.
“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 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 Norwalk-based 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.
“Kayak’s move show’s our investments in technology and our focus on creating a 21st-century economy are paying off by making Connecticut and Stamford an attractive place for innovative companies to do business,” said Rep. William Tong (D-Stamford).
The State Bond Commission is expected to approve the funding at its Sept. 27 meeting in the Legislative Office Building in Hartford.