The Kayak website was launched to the public in 2004 as a pioneer in travel metasearch. In 2012, Kayak had its highly anticipated IPO, followed by a deal in which Priceline Group, now called Booking Holdings, acquired the company for $2.1 billion. The founders, Steve Hafner and Paul English, reflected on the 20th anniversary of Kayak’s launch, highlighting the evolution of online travel and the need for improvement in the industry.
Steve Hafner, the CEO of Kayak and OpenTable, emphasized the ongoing challenges in online travel and his commitment to staying with Kayak until the issues are resolved. He expressed hope for advancements in technology like AI to enhance the user experience and address the overwhelming amount of information available to consumers. Hafner’s dedication to improving online travel indicates his continued involvement in the industry and his motivation to make a significant impact.
The early days of Kayak were characterized by a strong founding team and a combination of factors that contributed to the company’s success. Steve Hafner shared his insights on the importance of having a good idea, a talented team, sufficient capital, and a bit of luck in launching a successful company. The original team at Kayak was praised for their contributions, and co-founder Paul English emphasized the crucial role they played in the company’s achievements.
In response to comparisons to Google and comments about Kayak being overtaken by competitors in the market, Steve Hafner defended the company’s success and profitability. He highlighted the unique value proposition of Kayak, emphasizing the platform’s ability to provide better search results, prices, and options for consumers compared to Google. The interview also addressed OpenTable’s success and profitability, refuting claims that the company has been surpassed by competitors in the industry.
The decision for Kayak to sell to Priceline, now Booking Holdings, was defended by Steve Hafner, who noted the company’s expansion to over 60 countries and 25 languages following the acquisition. He dismissed the idea that being independent would have been more beneficial and pointed to the support and opportunities provided by being part of a larger group. Hafner highlighted the achievements and opportunities made possible by being part of Booking Holdings.
Reflecting on Kayak’s foray into Kayak Hotels, Steve Hafner acknowledged that the venture was worth a try but ultimately did not succeed due to the complexities of the hospitality industry. He expressed the importance of focusing on the company’s strengths in software and the lessons learned from ventures like Kayak Hotels. The interview also touched on the acquisition of OpenTable, with Hafner acknowledging the challenges of aligning dining and travel offerings. Despite the synergies not meeting expectations, Hafner viewed the acquisition as valuable and beneficial for the company.
