Yandex, Russia's most popular search engine, has been named a 2008 Technology Pioneer by the World Economic Forum.
"We are delighted with this recognition," said Arkady Volozh, Yandex co- founder and CEO. "This confirms that Russia's star as a technical innovator continues to shine bright."
With over 28 million Internet users, Russia is one of the largest and fastest growing Internet markets in the world. Russia is one of only a small handful of countries where a local search player has preserved its leading position in the face of significant investments by global search and portal players.
Yandex has held its share of Internet searches in Russia above 55 percent for the last three years.
"This award is really a credit to the creativity and drive of the Yandex team," said Ilya Segalovich, Yandex co-founder and CTO.
"Russia has always been prominent in computer science, and we are fortunate to have a talented team dedicated to creating world-class services for our Russian-speaking audience. The fact that Yandex is delivering these services via a profitable, advertising-supported business is a testament to our long-term strength."
Yandex was selected from a field of 273 nominees from a number of industries including energy, the environment, biotechnology, health and information technology. Past winners in the IT category include Google, Mozilla Corporation and Encore Software.
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