Yandex Co-Founder Ilya Segalovich Is On Life Support

Posted Jul 25, 2013

Sad news coming out of the Russia tech world today.  Yandex co-founder and Chief Technology Officer Ilya Segalovich is on life support after he fell into a coma.  ?Mr. Segalovich had been diagnosed with a treatable form of cancer and was responding well to treatment and working a full schedule, before unexpectedly succumbing to complications last night,? said Yandex in a statement.  The company previously received information that he passed away.

Ilya Segalovich was diagnosed with a treatable form of cancer and was responding well to the treatment.  He was also working a full schedule before succumbing to complications last night.  Yandex was later told that Segalovich is on life support with no sign of brain activity.  Yandex spokesman Ochir Mandzhikov and CEO Arkady Volozh confirmed the news in a conference call.

Segalovich and Volozh co-founded the company together over 20 years ago.  Back then, Yandex created software that enabled a context search through the Bible on CDs.  They set up the Internet search engine in 1997.

Segalovich is one of the group of owners that raised $607 million in a stock sale of Yandex this past March.  He was planning to spend a large share of the proceeds on charity.  Segalovich is a major donor to Maria?s Children, which is a fund that was founded by his wife Maria Yeliseyeva.  That charity offers art therapy and education to orphans.  After he sold 0.2 million shares in the sale, he owned 2.5% of Yandex as of March 31st.  Volozh still owns 10.5%, according to Bloomberg.

Today Yandex posted their Q2 2013 financial results.  Revenues are up 35% to $281 million (9.2 billion Russian roubles) and profits are up 48% to $92 million.