That’s an easy one: Kayak.com.

The travel search company, which has been putting off its plans to go public for more than a year and a half, is now getting ready to pull the trigger, according to sources.

The Norwalk, Conn.-based company is by default one of the prime candidates to go public because it has already filed its paperwork and has been dutifully updating its financial statements with the Securities and Exchange Commission every quarter.

A Kayak spokesperson declined to comment, but the timing is good for a number of reasons.

Not only has Facebook priced at the high end of its range, which makes investors a bit more hungry for tech stocks, but other travel companies have been warmly received by the markets over the past few months.

In December, TripAdvisor spun off from Expedia to become an independently held public company. Since then, the company’s stock has soared, trading at $41 a share, up from $27 a share. Expedia is also trading higher, up 50 percent to $41.10 a share.

Kayak could begin its roadshow as soon as Monday and may be seeking as much as $150 million at a $1 billion valuation, according to CNBC. In its original documents, it said it would raise a minimum of $50 million, which served more as a placeholder than what it was intending on raising.

As recently as last week, it updated its filing to report its first quarter earnings, announcing that it earned $4.1 million on $73.3 million. In the year-ago period, it recorded a lost of $6.9 million on revenues of $52.7 million.

In a report released today, eMarketer estimates that 16 million Americans will book travel from their mobile devices this year, increasing 33 percent from 12 million in 2011. Even more people — roughly 37.8 million — will use their phones to research travel this year.

It’s no wonder that big online travel agencies, like Priceline and Expedia, are quickly expanding into mobile. One common mobile strategy is to build an app that gives deep discounts to people who book a hotel room from their phone for the same night.

Travelers who may not have access to a computer are an obvious market for hotel information, flights, maps, reviews and other services.

EMarketer said despite mobile’s rapid growth, total spending on online travel is growing more slowly than overall online retail sales. This year, online travel spending is set to increase 11 percent to $120 billion in the U.S.

But clearly all the trends spell bad news for travel agents and physical travel agencies. EMarketer expects a majority of Internet users to research and book via the Web.

Shares of the New York-based company gained $6 to close at $27.06 today after Reuters reported that the company was in the process of hiring a financial adviser after it received takeover interest from private equity firms.

Travelzoo spokeswoman Lisa Moore declined to comment on whether the company was for sale.

Travelzoo is one of the pioneers in the daily deals business. For more than a decade, it has been sending subscribers a weekly email highlighting what it calls the top 20 travel deals.

A list of obvious acquirers for Travelzoo includes Google, which famously failed to buy Groupon for $6 billion. More recently, Google bought travel company ITA Software. Amazon could also be interested as it pushes AmazonLocal, its daily deals business; however, it already owns a percentage of LivingSocial, the second-largest deals company after Groupon.

A host of other companies could also take a look at the deal, including its travel competitors, such as Expedia or Priceline, or several international providers.

Unlike Groupon, which takes a cut of the revenue when a deal is sold, Travelzoo uses an advertising model where companies pay a fee to get in front of its large email audience. More recently, the company shifted gears to enter the local deals space, offering discounts on restaurants and other local services. In those deals, it charges the merchant a percentage of each transaction.

Today, the company’s market value hovers around $300 million, falling way short of Groupon’s $9 billion valuation and making it a prime acquisition target.

The company’s main assets are its sales team and its list of subscribers, but generally, it is not known as a technology leader. The company’s Web site is still fairly basic with a red, white and blue theme and has very few pictures, which the company says is on purpose. Before any acquisition closes, the potential acquirer would want to know how much the two companies’ subscriber bases overlapped.

In 2011, the company reported revenues of $148 million, up from $112 million over the same period during the previous year.

The online travel agency’s app, called Booking.com Tonight, is the latest to tap into the market of procrastinating travelers who begin looking for accommodations only after the plane’s wheels touch down.

Many of Priceline’s direct competitors, including Travelocity and Hotwire, offer same-day hotel bookings online. And perhaps the most comparable service is HotelTonight, an app developed by a venture-backed San Francisco start-up. Expedia also has a service called Last-Minute Deals that taps user-generated content so that customers can share deals they’ve found with each other, not using any identifying information.

From what I can tell, however, Priceline’s app is a replica of its online site, offering the same selection of hotel rooms at the same price — where’s the Negotiator now?

Still, the app could be helpful in a pinch, because it has a large inventory of rooms, covering 165 countries. The app also lets you search for rooms based on your location and other filters, such as price, star rating or most popular.

In comparison, the HotelTonight app offers a more boutique experience. It features inventory in only a couple dozen U.S. cities and doesn’t have a huge selection of rooms. In a review, my colleague Katherine Boehret found deals at significant cost savings, including a luxury stay at Langham in Boston’s financial district for $199 rather than $275.

One downside of HotelTonight is that you can’t search for nearby rooms until the afternoon, but if you’ve waited until the day of your stay, then I suppose you can wait a little longer.

Earlier today, Priceline’s stock hit a new 52-week high of $775 a share before pulling back to $753.41. Over the past few years, the stock has soared based on strong international growth.

Of course, you knew at least a little bit would slip through.

In response to an analyst who asked about the company’s ability to tailor deals to a person’s interests, Mason hinted at new products coming in the first or second quarter.

In addition to being able to get deals based on multiple locations, gender and past buying behaviors, he said, users will be able to vote down deals if they don’t want to receive similar ones again.

So, if you are male, you won’t have to see offers for bikini waxes, or if you are bald, you won’t have to see offers for barber shops.

Mason said, “It allows us to say, ‘Please stop sending me pole-dancing lessons.’ … That’s been a much requested feature.”

Otherwise, Mason quickly and confidently answered inquiries throughout the call.

But he didn’t talk much about future financial expectations, instead emphasizing the company’s merchant services, new investments (such as its mobile products) and new categories (like products and travel).

So far, few details have been shared on the impact of those offerings, including Groupon Now, which is available in 31 U.S. markets and allows customers to purchase deals that can be redeemed in a short time window. Groupon’s travel site has also gotten quite big through the help of its partner Expedia.

Groupon CFO Jason Child explained that all of the investments are really at an early stage, and it’s uncertain how they will be impacted by seasonality or other economic factors.

The strategy remains to invest in the future, Mason said. “The Groupon of five years from now will require investments in technology and innovations. Despite rapid growth, we estimate that we participate in less than 1 percent of all local transactions.”

Still, the forward-looking statements weren’t enough to satisfy investors who were looking for the company to show a small profit.

For the fourth quarter, Groupon reported a net loss of $42.7 million, or 8 cents a share, compared to a net loss of $378.6 million, or $1.08 a share for the same period in 2010.

Mason concluded his first earnings call by saying: “Thanks, guys, this was a lot of fun, and I look forward to many more of these.”

And then the stock was clobbered in after-hours trading, falling nearly 15 percent, or $3.68 a share, to $20.90.

For the past 14 years, Shatner has been the company’s celebrity spokesperson, and for the past five years he has played the role of the “Priceline Negotiator,” a James Bond-like character who stops at nothing to help people find the best travel deals. The latest ad is a cliff-hanger, with Shatner apparently blown to smithereens aboard a plunging bus after giving the escaping passengers some quick travel booking tips.

The Norwalk, Conn.-based company said Shatner will remain under contract, but it’s unclear what will happen to him after his last deal.

Priceline said it decided to kill off the Negotiator character in order to focus on its fixed-price hotel inventory, which is its fastest-growing segment. It will continue to offer its Name Your Own Price hotel service.

The hotel-booking industry is constantly getting more competitive, with several new players, including Kayak, Google and a hotel-backed search service called Room Key.

While Priceline’s future commercials are expected to explore the aftermath of the bus crash, we’ll see if it gets that far. Right after the new ad started airing, the American Bus Association asked Priceline to pull the ad because it “damages the reputation of our industry.” And as for Shatner — well, maybe he transported off the bus just in time, or there was a rift in the time-space continuum, or somehow he managed the kind of escape that kept James T. Kirk going through umpteen shows and movies. Or maybe not.

Priceline’s stock fell 56 cents today to close at $518 a share.

Here’s a look at the new commercial:

But it doesn’t use Facebook or any identifying information. Instead, Expedia surfaces the best deals found by other travelers, anonymously, for flights and hotel rooms, based on your location.

The site will list the best deals for three time periods: tonight, this weekend or next weekend. Customers can search for hotels or flights based on a couple dozen destinations.

For example, this weekend, nights at the Sheraton Chicago Hotel and Towers cost $113 and the cheapest flight out of Los Angeles tonight is to Seattle for $252 roundtrip.

The process is similar to other flash sales sites that sell apparel or other items at a discount based on inventory. Many other flash sales sites focus on travel, too, such as Gilt Groupe’s Jetsetter. However, there’s one big difference with this service. The deals are being found by other customers searching the site. The service is not being driven by a special sales relationship between Expedia and the suppliers.

That probably means the deals are not unique to Expedia and can be found on other travel aggregation sites, but at the same time, Expedia didn’t have to hire a sales team or build out a lot of infrastructure to support the feature.

“In a sense, the millions of people who come to Expedia are now serving as your own personal travel agent, helping you find the best and most popular deals from your home city,” said Joe Megibow, VP and GM of Expedia, in a statement.

The Web site is very simple to navigate and takes out a lot of the headaches of searching millions of listings. That also means that the selection is limited to around six results for each time period — in other words, not a ton of destinations or hotels to pick from. Cancun was offering six hotel rooms — some for as low as $40 a night — for this weekend. Orlando also listed six hotel rooms, all under $100 a night.

This is not Expedia’s first experiment in the deals space.

Last summer, it launched a partnership with Groupon that sells vouchers for vacations around the world. It said it successfully sold 15,000 travel deals in the first three days of launching that partnership, but wasn’t entirely satisfied with the model yet. It also launched a program called ASAP (A Sudden Amazing Price), which lists deals at 9 am PT and is bookable for 12 hours only.

We confirmed his resignation with a spokesperson, but it was first reported by Geekwire’s John Cook this morning.

The spokesperson did not provide a reason for Durchslag’s departure, adding that the role would now be filled by Expedia’s CEO, Dara Khosrowshahi.

Before Durchslag’s 14-month stint at Expedia, he was the COO at Skype and a corporate VP at Motorola. As seen in the photo on the right, Durchslag attended the  D conference in Rancho Palos Verdes, Calif., last June to announce a travel partnership with Groupon before Groupon’s CEO Andrew Mason was interviewed on stage.

Expedia’s stock was trading down about 1 percent, or 40 cents, today to $28.91 a share.

The e-commerce giant (a term typically reserved for Amazon in these woods) is one of the larger examples companies from the Bay Area that are setting up shop here and looking to soak up some of the Northwest’s rich engineering talent.

Other companies with satellite offices in the Seattle area include Google, Facebook, Zynga and Salesforce.

“I’m surprised I ended up at eBay, but the story is compelling,” said Ken Moss, who was hired in November to be eBay’s VP of managed marketplaces technology; Moss is GM of the Redmond office.

A long-time Microsoft employee whose claim to fame includes inventing the Pivot table in Excel, Moss more recently co-founded CrowdEye, a start-up focused on search technology and later on stock market prediction.

He said eBay’s dedication to the region is one of the biggest selling points for recruitment.

Most of the 75 employees that currently work there were hired over the past few months, and a small team has been here for seven years. Among the newbies I met were a number of Microsoft veterans who had been there for 12 to 15 years.

Moss says he will report directly to eBay’s CTO Mark Carges, which is “a signal to the whole company that diversified development is for real.”

“We are first-class citizens,” Moss said, referring to sometimes strained relationship between remote workers and a company’s headquarters.

Eric Brill, VP of eBay’s research labs, is also based in the Redmond office, and has been working part-time there since joining the company in 2009.

Moss said eBay will be looking to hire a range of technologists, from college graduates to senior leaders, including developers, testers, researchers, data miners and other positions.

While I was at the office on Tuesday, the mountains were peeking out from the clouds and were easy to spot from the floor-to-ceiling windows on the fourth floor. It was easy enough for everyone to have a window seat in the open-floor plan.

Although the employees just moved in on Monday, a sign outside the building already announced eBay’s presence. Inside, workers were busy putting the final touches on the space to make it feel like eBay. Primary colors of red, blue, yellow and green highlighted the office walls; with a bit of Seattle flair, conference rooms were named after Northwest tribes such as Puyallup and Quinault (and other names that might be difficult for San Jose-based employees to pronounce).

But missing were some of the perks that some recruits expect these day — no shuttles to and from work or fancy cafeterias, for instance. 

In fact, eBay has a long way to go to compare with what Google has done here. Since entering the market seven years ago, Google has hired more than 900 employees, spread across two locations, a spokesperson confirmed.

One office is in Seattle’s Fremont neighborhood; the other is on the Eastside.

The two offices are geographically divided by Lake Washington, which can be crossed by one of two floating bridges — or by boat, if you are crafty enough. The traffic bottlenecks make for a horrendously notorious commute, so having two locations that straddle both sides is a huge perk — like having offices in both San Francisco and San Jose.

Because of Google’s size here, many of its perks are similar to its Mountain View headquarters, including free meals prepared by chefs, frozen-yogurt bars and other, mostly food-based, luxuries.

In eBay’s case, the new digs are located deep on the Eastside, a couple of miles past Microsoft in Redmond, and roughly 15 miles from Jeff Bezos’s empire in downtown Seattle. Recently, Amazon relocated its headquarters to a brand-new campus in South Lake Union, a neighborhood being revitalized by former Microsoft executive Paul Allen.

Other outside companies that have also established sizable tech centers here include Facebook and Zynga. A couple others have gained offices through acquisitions. Electronic Arts, for instance, now has a large office here, after acquiring PopCap; EMC now has big expansion plans here, after purchasing Isilon.

And Geekwire, a Seattle-based technology blog, is good at keeping an ongoing tally, including recent moves into the area by Jawbone and SweetLabs, a San Diego-based start-up, based by Intel Capital and Google Ventures.

Two years ago, Facebook opened an office in the heart of downtown Seattle. It plans to move soon to a 27,000-square-foot space that will have room for about 135 employees. The 70 or so engineers in the office today have worked on projects such as video calling, the Facebook iPad app and other big issues, such as security.

Last April, social game maker Zynga opened an office in Seattle’s historic Pioneer Square neighborhood, hoping to absorb some of the game talent here, spawned from Xbox and Nintendo, and cloud-computing knowledge from Amazon. It has 50 employees today, but declined to say how many it planned to hire in the near future.

As with most of these companies, eBay believes it can find a diversity of talent here that can’t always be easy to hire in the Bay Area.

As a Seattle native, and having covered tech here for the past 12 years, including an eight-year stint at the Seattle Times, I might not be the most unbiased on the subject. But I’ve seen first-hand the breadth of talent here, from Microsoft, Amazon, Expedia, T-Mobile and many others, including a strong start-up pool.

Despite that, the local tech community often suffers from an inferiority complex when it compares itself with the Bay Area, which is much larger. Still, it seems that Silicon Valley companies are finding a number of excuses to travel north to drink from the area’s plentiful tech waters.

The company, which was officially spun out of Expedia yesterday, is trading down $1.24, or 4 percent, to $29.01 a share, under the ticker symbol TRIP.

Since Dec. 6, when Expedia shareholders approved the spinoff, the company had been trading temporarily under the symbol TRIPV.

While TripAdvisor’s stock price is lower today, it’s trading higher than Expedia’s, which was up 76 cents, or 2.8 percent, to only $27.61 a share.

The two companies picked a challenging time to conduct a split, with other recent IPOs, like Zynga, also struggling to trade higher. Kayak, a close competitor, has also decided to put its IPO plans on hold, however, that could change if the stocks perform well.

The breakup of Expedia and TripAdvisor creates two distinct companies.

Expedia, based in Bellevue, Wash., will be a travel agency focused on selling airline tickets and hotel and car rentals. TripAdvisor, based in Newton, Mass., will now serve as a travel-reviews site, operating in 27 countries and 19 languages. Without ties to Expedia, it can now solicit the highest referral fees from a number of travel agencies.

Much of the thought process behind the split has to do with what Expedia thinks its business is worth, compared to Wall Street’s valuation, and how much it will be valued on its own.

While Expedia’s travel agency business garners the most attention, it is TripAdvisor that has the bigger growth story.

Now that it is solo, it will be important to watch how its independent valuations evolve.

To celebrate the day, Stephen Kaufer, co-founder and chief executive officer of TripAdvisor, rang Nasdaq’s opening bell this morning — noticeably all by himself, without Expedia executives by his side.

In April, Expedia proposed a plan that would break the business into two public companies.

One would be a travel agency, focused on selling air, hotel and car rentals, and the other would be TripAdvisor, the travel reviews site that operates in 27 countries and 19 languages.

The deal is expected to close on or about Dec. 20, including a one-for-two reverse stock split immediately prior to the spin-off. Expedia will trade under the symbol EXPE and TripAdvisor will trade under TRIP.

Today, the company filed a presentation with the Securities & Exchange Commission detailing Expedia’s standalone growth prospects. The case will be an important one to make given that TripAdvisor is often seen as the more attractive of the two companies.

The Bellevue, Wash.-based company plans to present the slides to various investors and analysts over the next two-and-a-half months.

In the presentation, Expedia lists three major growth opportunities: International expansion, especially in Asia; a greater concentration on hotel bookings, which have higher margins than airplane tickets; and new distribution platforms, such as cellphones and tablets.

Expedia is a traditional travel agency that collects fees when an airfare or hotel room is booked. Meanwhile, TripAdvisor, which aggregates user-generated reviews, produces revenue from advertising, as well as fees when users book through other sites, such as Priceline or Orbitz.

In the quarter ended in September, TripAdvisor’s revenue jumped by 30 percent compared to the same period a year earlier. Meanwhile, Expedia’s revenues rose only 14 percent.

Additionally, the company is breaking up as it faces increasing competition from Google, which has started integrating the technology of ITA, a travel software company it acquired, into its search results.

Expedia’s stock today is trading at $28.65, up 61 cents.

During the Norwalk, Conn.-based company’s third-quarter conference call today, it fielded questions about the impact of Google adding airfare and hotel information to its search results through its acquisition of ITA Software.

Priceline CEO Jeffery Boyd said that, so far, it looks like Google has created “platforms that can be operated as an efficient vehicle for advertisers to get qualified leads.” He added that his company’s approach is “as an advertiser, and to participate as effectively as we can.”

Some companies, including Kayak and Expedia, worried about Google’s market power if it was able to acquire ITA. But Priceline did not object, Boyd said.

“The transaction was approved and we think it’s incumbent upon our industry to find the best ways to integrate and advertise on it, and try to get the wealth of qualified customers that Google is trying to drive toward us,” he said.

The downside: If Google is able to send more qualified leads, it might be able to charge advertisers more.

Priceline beat analyst expectations in the third quarter. Revenue grew 45 percent, to $1.4 billion; net income doubled to $469.5 million, or $9.17 a share, compared to the year-ago period.

But three months later, the Bellevue, Wash.-based online travel agency is questioning the long-term value of those bargain shoppers.

In Expedia’s conference call yesterday discussing its third quarter results, CEO Dara Khosrowshahi admitted sales from the Groupon Getaways partnership were impressive, but questioned the incremental value to the business and whether they were returning to Expedia to book other trips.

“Are they coming back and using Expedia for their other travel needs?” asked Khosrowshahi, according to the Seeking Alpha transcript. “Groupon has been a strong partner for us. And I think over time and especially into next year, we’re going to figure out what the best approach is going to be.”

In addition, he said, Expedia is trying out a number of other discounted options. A product called ASAP deals offers good prices on Expedia; there are 48-hour sales on Hotels.com; and on Hotwire, various deals are aggregated in a travel ticker. He also is looking into mobile as a specific channel for deals.

This is not the first time that Groupon has faced questions about the loyalty of its customers. Merchants and restaurant owners regularly struggle to understand whether one-time heavy discounts create long-term relationships with customers.

Groupon Getaways was announced the same day in June that the daily deals giant filed for an initial public offering, which at the time was aiming to raise $750 million. The partnership didn’t go live until the following month.

Now Groupon is out on the road pitching investors and seeking to raise a more modest $540 million.

But shares were down 6.5 percent at $27.20 after hours. Through Thursday’s close, the stock had risen 16 percent so far this year.

The company — which operates its namesake Web site, Hotels.com and Hotwire.com — said gross bookings rose 11 percent in the latest period, while transactions were up 9.4 percent.

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It’s got some serious obstacles.

BuyWithMe is competing with both Groupon and LivingSocial, which have voracious appetites for cash — and frankly, have the market share to come closer to justifying it.

Groupon is close to completing a $540 million IPO and LivingSocial is assumed to be considering raising another private round instead of tapping the public markets.

Reports by DailyDealMedia and BetaBeat pegged BuyWithMe’s layoffs at between 50 and 75 percent of the company’s staff. A year ago, it had 90-plus employees, but its ranks have likely swelled as it made several acquisitions and attempted to expand nationally.

In an official statement last week, CEO Jim Crowley said: “BuyWithMe did have a significant reduction in staffing … We did this so the company is in the best position to continue to serve its merchants and members. As an organization we’re continuing to pursue our business and to support our customers throughout the country.”

In all, the company had raised at least $21 million from Bain Capital Ventures and Matrix Partners at one time.

A year ago, when the company’s CEO Cheryl Rosner, formerly of TicketsNow and Expedia, left after only eight months on the job, its plan was to add more markets, hire more employees and raise more cash.

Since then, it’s done all but one of those three things, meaning its burn rate and expenses increased without additional investments.

In the past six months alone, it purchased six companies, many of them smaller players, as well as some technology, too.

However, as it turns out, investors haven’t been impressed by the company’s artificial growth rates.

A source close to the situation said BuyWithMe hasn’t been able to raise more money, and “they need a lot.” Meanwhile, the insiders don’t want to cough up what’s needed. “They spent as though money was no object to try to compete,” the source said.

It’s not that capital has dried up for all companies competing in the broader daily deals space. In fact, some might consider it downright frothy. Beyond Groupon and LivingSocial, San Francisco-based Bloomspot raised $40 million in capital in August and Group Commerce, a white label provider, raised $10 million in a follow-on round in May. In the broader space, there’s been a coupon craze, with several providers raising hundreds of millions of dollars in the past few months alone.

But without many points of differentiation, BuyWithMe’s prospects are shrinking.

The company has often been considered the third-largest player in the space behind Groupon and LivingSocial, but now others are elbowing in, such as Travelzoo, Google and Amazon.

BuyWithMe’s best chances are to find a buyer.

It has a sizable — and valuable — email list, some technology assets and a recently rolled-out loyalty program. And, there are definitely still companies looking to enter the space.

A study by the 451 Group’s M&A KnowledgeBase found that as of August, mergers and acquisitions in the daily deal and coupon space were up 700 percent year over year to 35 from only five in the same period in 2010. Since then, dozens of others have been made.

The buyers aren’t always what you expect them to be, either. While some providers, like BuyWithMe and CrowdSavings, are adding markets through the acquisitions of one-off daily deals sites, other buyers are large marketing firms. For instance, Stamford, Conn.-based Affinion Group, a marketing and customer-engagement agency, paid $30 million for Eversave in July. ReachLocal, a search-engine marketing company for small and medium-size businesses, purchased DealOn Media for $10 million.

With the launch of the travel vertical, the members-only flash sales site treads more heavily into the territory of others who have been working on travel packages and other experiences for much longer.

Several other daily deals and flash sales sites have already gotten into the business of offering travel packages, including Groupon’s partnership with Expedia and Gilt Groupe’s high-end, exclusive vacations on its own Jetsetter.com.

The company’s new Lot18 Experiences will offer a twist, focusing exclusively on wine and gourmet food-themed excursions, from vineyard tours to dinners at well-known restaurants.

New York-based Lot18, which has raised roughly $13 million from investors, including the founders of Amazon-owned Diapers.com, has 550,000 members and has sold more than 500,000 bottles of wine.

The capital was expected to be used for launching new verticals; the launch of Lot18 Experiences coincides with the company’s one-year anniversary.

When it goes live today, travel packages will include a seven-week trip to several of the world’s major wine regions (Bordeaux, Napa, Mendoza, South Africa, Italy, Spain, Germany and Portugal). On a smaller scale, there will be one-night-only offers, such as food and wine pairing dinners at Auberge du Soleil in Napa and Le Bernardin in New York.

It will also launch soon in Chicago, Los Angeles and other major cities, through a network of partner sites to be announced later.

In addition to wine and experiences, the site offers gourmet food products, such as olive oil, chocolate, caviar, coffee and more.

In an exclusive interview with AllThingsD, Robert Birge, Kayak’s chief marketing officer, said the current market is too volatile and is not meeting the company’s expectations.

“We are going to file when the market conditions are favorable to IPOs,” he said.

In the meantime, Birge said, Kayak is committed to keeping its filing up to date with the Securities and Exchange Commission, so if the conditions change, the company will be able to move quickly.

“It gives us the flexibility to respond to market conditions,” he said.

Kayak, which filed 11 months ago to raise at least $50 million, is one of roughly 200 companies that make up one of the biggest IPO backlogs in the past five years.

Two other high-profile examples are Groupon, the daily deals site that wants to raise $750 million, and Zynga, the social games maker that is seeking $1 billion in additional funding.

Kara Swisher reported last week that despite copious amounts of negative press, Groupon has no plans to back down from going public. Likewise, according to our sources, Zynga’s IPO remains on track.

Birge was not able to elaborate on the company’s plans or whether it was seeking alternate exits, like a sale or staying private and raising more cash. The Norwalk, Conn.-based company updated its filing recently to suggest it was looking at other alternatives as an IPO became less likely.

But unlike Groupon or Zynga, which filed this summer to go public, Kayak has had nearly a year to pull the trigger, which predates much of the market volatility, raising the question of why it has taken Kayak so long.

Birge said even if the market conditions are right, the SEC must sign off on the offering in order to go public.

Perhaps the market will be more favorable once there are more comparable companies with positive valuations. Already there are a number of other public competitors, including Priceline, Orbitz and Expedia.

One big public event coming up will be Expedia’s spin off of TripAdvisor, which will create two separately traded entities. In that scenario, Expedia’s results would no longer also include TripAdvisor’s advertising business, and Expedia alone could more closely resemble Kayak’s business.

As a result, Greystripe, a mobile ad network purchased by ValueClick in April, says that it has seen travel-related mobile ad campaigns increase by nearly 50 percent over the past year.

In a study, it found that the overwhelming majority of iPad owners, or 91 percent, used their device for a travel-related activity. The data was collected from Greystripe’s 971 users on a network of iPhone (including the iPod touch), Android and iPad devices during June.

Specifically, it found that 47 percent of iPad users booked hotel rooms, which seems to coincide with the boom of applications catering to this activity.

I’ve written in the past about how travel companies are flooding the mobile app stores, including Expedia, Kayak, Priceline and even start-ups, like HotelTonight, which will find you a room the night you need it. What’s more, InterContinental Hotels Group, the massive hotel chain that includes Holiday Inn, told me it recorded $10 million in mobile revenues in April, jumping from only $1 million in the same period a year earlier.

Following closely after hotels, Greystripe said 37 percent of iPad owners used the tablet to book a flight; 28 percent have used it to make a restaurant reservation; and 24 percent have used it to rent a car.

Although Greystripe found that applications were not required, in fact, 69 percent of iPad users were more likely to use the mobile Web compared to 49 percent of iPhone and Android users.

Later today, Google Executive Chairman Eric Schmidt will appear at the Senate Judiciary Committee’s antitrust subcommittee for hearings on whether Google is a search bully or not.

Schmidt, according to written testimony obtained by the Politico blog, will be trotting out the company’s longtime argument that its competitors are “only one click away” from taking Google down.

And, in what can only be described as a you’ve-got-to-be-kidding furthering of that meme, Schmidt will apparently claim that Microsoft’s much tinier Bing search service could catch and pass Google by next year.

Reads the testimony, according to Politico: “Microsoft’s Bing launched in June 2009 and has grown so rapidly that some commentators have speculated that it could overtake Google as early as 2012.”

Say what? Say ridonkulous! The Facebook worry, I get, but costing-Microsoft-a-billion-a-quarter Bing?

That’s because in the most recent market-share report from comScore, Google had 64.8 percent of the total, with Yahoo at 16.3 percent and Bing at 14.7 percent. Even combining the pair — who are currently in a search partnership — they still have less than half the share that Google has.

In any case, although the Google-as-imminently-threatened concept displays a lot of gumption, it’ll be interesting watching Schmidt try to sell it.

And also to see Google’s critics call foul.

After Schmidt appears, there will be a second panel, featuring Yelp CEO Jeremy Stoppelman; Jeffrey Katz, CEO of Nextag; and Tom Barnett, spokesman for FairSearch.org and counsel to Expedia.

Stoppelman, who almost sold his online reviews company to Google in late 2009, has since become a vocal detractor of the search giant’s methods.

In his testimony as well as exhibits, all posted below, Stoppelman paints a more dire picture of Google:

“When one company controls the market, it ultimately controls consumer choice. If competition really were just ‘one click away’ as Google suggests, why have they invested so heavily to be the default choice on web browsers and mobile phones? Clearly they are not taking any chances.”

Stay tuned for my liveblog at 11 am PT, as well as other AllThingsD coverage of the hearings.

9.21.11 Verbal Testimony _10am final_

9.21.11 Written Testimony _clean_

9.21.11 Exhibits

In a preview of Wednesday’s Senate antitrust hearing on whether Google abuses its dominance on the Web, representatives of the sites — which help people search for information on consumer goods, local businesses and airline flights — said in interviews this week that Google has increasingly sought to drive people who use its search engine to its own specialized sites that compete with theirs.

One of the companies, Nextag, is going even further. Chief Executive Jeff Katz said Google also prevents his company’s site from bidding on the prominent ads that show up next to search results for products such as running shoes. Instead, he said, because Google sees his company as a threat, Nextag can only bid to appear in text ads lower down on the results page, limiting its exposure to consumers.

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