Yandex NV (YNDX) acquires mobile geolocation startup KitLocate
Yandex NV (NASDAQ:YNDX) is a search engine that has a leading market share in Russia, Ukraine, Kazakhstan, Belarus and Turkey. Yandex has acquired KitLocate, a low-power mobile geolocation service for several million euros. KitLocate was founded in 2011 and offers an SDK for iOS and Android to make apps location aware.
The SDK offers geo-fencing, social location, and motion detection while supporting reduced battery consumption. KitLocate’s proprietary algorithms allow location-based apps to request the device’s geographic coordinates less frequently without losing much precision, according to TechCrunch.
KitLocate has been used for powering a municipal parking app using motion detection and geo-fencing. When the app owner drives away from a parking space and provides a notification that the space has been vacated. Another way KitLocate is used is when a car driver is stops at a parking meter and sends a push notification if he or she forgot to pay.
Yandex will be using KitLocate’s technology for adding augmented reality features into its mobile apps, including location-specific ads. Yandex will not be using KitLocate for car navigation and maps.
Yandex has eight employees that will be joining Yandex’s mobile search team. KitLocate’s office in Tel Aviv will become Yandex’s research and development office.