Russian Internet Giant Buys Israeli 'Location-Finder' Startup
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.