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Edition: U.S. Article Comments (2) Slideshow Deals AIG share sale raises $8.7 billion after record bailout Yandex has international ambitions Skype founder sees upside for Microsoft after deal Social phenom Zynga on cusp of mega IPO: report Delay makes Chrysler stake buy costlier: Fiat CEO California Pizza agrees to $470 million buyout Diageo in talks with Cuervo on options Rosneft, China to discuss oil pricing in mid-June Breakingviews: El Paso reminds Big Oil breaking up is easy to do Follow Reuters Facebook Twitter RSS YouTube Read At least three killed by tornadoes in Arkansas 9:14am EDT Elizabeth Smart kidnapper could face life in prison 8:48am EDT HTC CEO says Windows Mango phones in development 8:43am EDT Netanyahu Congress speech raises few hopes 5:49am EDT Warning: Walking on a Florida street may be dangerous 4:26am EDT Discussed 327 Obama and Netanyahu face tense meeting on Mideast 126 As hours tick by, ”Judgment Day” looks a dud 105 Broadcaster silent as Judgment Day hours tick by Watched Scientists revive ancient spider in stunning 3D detail Tue, May 24 2011 Deadly Missouri tornado captured on video Mon, May 23 2011 Funnel cloud touches down in Oklahoma 4:31am EDT Yandex has international ambitions Tweet Share this By Megan Davies and Alina Selyukh NEW YORK (Reuters) - Internet search company Yandex, fresh from raising $1.3 billion from an IPO, now has the clout to make an impact farther from its Russian heartland. The IPO is the biggest U.S. Internet listing... Email Print Related News Recipe for Yandex IPO hit: Genius, nerve, patience Tue, May 24 2011 Analysis & Opinion Only China can tackle its own dodgy accounting Deals wrap: Glencore disappoints while Yandex confirms price Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Hot Stocks » Asian Markets » Inflows Outflows » Media » Russia » 1 / 4 Yandex founder and CEO Arkady Volozh (front, 2nd R) celebrates as Yandex is listed on the Nasdaq exchange during their IPO at the Nasdaq market site in New York, May 24, 2011. Credit: Reuters/Mike Segar By Megan Davies and Alina Selyukh NEW YORK | Wed May 25, 2011 9:25am EDT NEW YORK (Reuters) - Internet search company Yandex, fresh from raising $1.3 billion from an IPO, now has the clout to make an impact farther from its Russian heartland. The IPO is the biggest U.S. Internet listing since Google Inc went public in 2004, and is a long-held plan for the two founders, who met as teenagers at school. Chief Executive Officer Arkady Volozh said the company's success was emblematic of a new Russia -- distinct from the country's energy-focused economy -- and said there is a place in the world for a "global technology company born in Russia". "Russia is famous for its resources," said Volozh. "But Russia also has a lot of talent... Russia deserves to have a technology company of a global level." The IPO values Yandex at around $8 billion but the duo, who founded Yandex in 1997, will retain most of their holdings. Their rise is distinct from many of Russia's other billionaires, a number of which built their empires during the 1990s and profited from a boom in commodities. Chief Technology Officer Ilya Segalovich, 46, described how the pair met at school, excelled at math and physics and got such good marks that teachers suspected them of copying. Volozh, who has a degree in applied mathematics, began working on search technology in 1989. A year later, he started his own search software development firm, where he was joined by Segalovich, who had studied to be a geophysicist. Yandex was founded in 1997. In 2000 Yandex lost $2 million on revenue of $72,000. Last year the company generated revenue of $445 million and earnings of $135 million. "I see this as one day on our way -- not the end," Segalovich said. Now the company is looking at several ideas to go beyond its current business model, such as further expansion beyond Russia, although he declined to give details. "We have several ideas (about) how to go beyond our current business models," Segalovich said. "Definitely there are some new business models we are trying to explore and also international expansion is one of the new areas for us." Segalovich said Yandex has not yet decided how to use the proceeds of the IPO but that it could be potentially useful for acquisitions, noting that Yandex's rivals have large cash piles themselves. "The landscape may change very fast," said Segalovich. "We may require maybe (an) acquisition or changes in strategy ... The Internet is very dynamic and growing very fast and all our big rivals are very rich." SOPHISTICATED ALGORITHMS Yandex's search algorithm, originally developed to conduct keyword searches of patents, Russian classical literature and the Bible, was a breakthrough as it accounted for the Russian language's complex grammar. The duo coined the name "Yandex" -- with "Ya" standing for the Russian equivalent to English pronoun "I" -- as Segalovich was experimenting with derivatives of words that described the essence of the technology. The full name originally stood for "Yet Another iNDEX." Today the word "Yandex" has become synonymous with Internet search in Russian-speaking countries, as people suggest "asking Yandex" for answers to their inquiries. Segalovich said Yandex was not language specific and could create world-class products. Yandex has a website with limited coverage of English language pages, he said, describing the quality of those pages as good. Launching the IPO on Nasdaq on Tuesday, Volozh called out in Russian Yandex's tagline "Everything will be found" and offered some advice for tech entrepreneurs in Russia looking to become the next Yandex. "Stick to your ideas, grow them into real businesses, serve your audience, focus on quality, have fun and get rich," he said. Yandex shares closed up 55 percent, or $13.84 to $38.84. (Reporting by Megan Davies, editing by Matthew Lewis and Carol Bishopric) Technology Deals Global Deals Data 2011 Q1 Hot Stocks Asian Markets Inflows Outflows Media Russia Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (2) d3v wrote: At least they are making a profit. Its going to be quite painful when this web 2.0 bubble pops. May 25, 2011 6:51am EDT -- Report as abuse truetoearth wrote: little boys creating bubbles to suck what they can from the market before it comes tumbling down. May 25, 2011 7:06am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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