Kayak to Merge with SideStep
Merged entity will create world's fifth largest travel site.
Kayak.com, a travel search engine, recently announced the completion of a $196 million financing round. Kayak.com will use this investment to complete a merger with SideStep, Inc. and to pursue a more aggressive worldwide expansion.
As part of this transaction, Michael Moritz of Sequoia Capital will join Kayak.com's Board of Directors.
Other participants in the financing round include existing Kayak.com investors General Catalyst Partners and Accel Partners, SideStep investors Norwest Venture Partners and Trident Capital, new investors Oak Investment Partners and Lehman Brothers Venture Partners, and debt lenders Silicon Valley Bank and Gold Hill Capital.
In parallel with the new financing, a subsidiary of Kayak.com will merge with SideStep.com. Kayak.com and its affiliate features every airline except Southwest, and every hotel and rental car brand.
It is predicted that consumers will conduct more than 33 million searches on Kayak.com and its affiliates in January 2008, up from 16 million in January 2007.
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