Yandex buys geolocation tech developer, leads Russian tech rally

|About: Yandex N.V. (YNDX)|By:, SA News Editor

Yandex (YNDX +7.5%) has acquired KitLocate, an Israeli developer of geolocation, location geo-fencing, and motion detection tech that can be used by mobile apps needing precise data about a user's position and movements. Terms are undisclosed.

Yandex argues KitLocate's solution, which relies on statistical analysis, can improve battery life by lowering a phone's dependence on power-draining GPS/GLONASS receivers. The company plans to integrate KitLocate's offerings with its mobile apps/services, and sees localized search results and targeted ads as two potential applications.

Yandex is headlining a buy-on-the-news rally among tech stocks with strong Russian/Ukranian exposure, as Vladimir Putin signs a treaty annexing Crimea to Russia. Other gainers: QIWI +7.1%. EPAM +4.9%. LXFT +4%. MBT +3.3%.