Kayak's recently appointed MD for Europe Faisal Galaria has said that the business is entering 2009 "looking to be an instigator of consolidation".
On the panel at this week's Travolution Question Time, he said that consolidation could well happen.
"Company valuations are not what they were, even compared with this summer," he hinted.
Galaria was appointed to the role ten weeks ago, and has been overseeing the development of a team in Europe.
"A lot of our US partners are asking us when they can start advertising in Europe, and we've been hiring people over here to address this opportunity," he said.
He also confiormed that the relaunch of Travelpost, Kayak's user generated content platform which it acquired as part of last year's deal for Sidestep, would take place early in 2009.