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Russian Internet Giant Buys Israeli 'Location-Finder' Startup

Yandex to open coveted Tel Aviv office as internet firm becomes the latest to invest in Israel's 'Silicon Wadi'.
By Ari Soffer
First Publish: 3/18/2014, 11:41 AM

Russian PM Dmitry Medvedev (L) with Yandex CEO Arkady Volozh at the company's  Moscow offices
Russian PM Dmitry Medvedev (L) with Yandex CEO Arkady Volozh at the company's Moscow offices
Reuters

Leading Russian internet company Yandex has become the latest technology giant to invest in Israel's "Silicon Wadi", purchasing Israeli geolocation startup KitLocate.

KitLocate provides an energy-efficient alternative to other mapping and navigation software by only requesting users' locations when absolutely necessary, as opposed to on a consistent basis, thus saving battery-power.

The deal was reportedly sealed for an undisclosed multi-millon euro fee, and will also see Yandex gain a coveted foot in the door to the "startup nation" by opening an office in Tel Aviv.

KitLocate was founded in 2012, and went on to win the Israel Advanced Technology Industries (IATI) & MasterCard Israel Technology Award that same year.