Yandex co-founder and CTO passes away

MOSCOW: Ilya Segalovich, the co-founder and chief technology officer of Russian internet group Yandex, has died after a long battle with cancer, aged 48, the company said on Thursday.

Segalovich and Yandex CEO Arkady Volozh founded the company in 1997 and built it into the leader of the Russian internet search market, ahead of US rival Google.

In 2011, Yandex raised $1.4 billion in an oversubscribed initial public offering in New York and it currently has a market value of $10 billion.

Segalovich had been diagnosed with a treatable form of cancer and was responding well while working a full schedule, before unexpectedly having complications, Yandex said.

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