Tech Business Review: Kit Slashes Its Workforce, Apple Chooses Yandex

KIT Digital, Inc. (NASDAQ:KITD) plans to slash 22 percent of its workforce in order to save around $40 million annually. The firm has not yet made a profit, and has recently appointed a new chief executive, chief financial officer, and tech head. KIT enables clients such as Hewlett-Packard, Google, Disney-ABC, and the BBC to distribute video across multiple devices by way of the cloud.

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Yandex N.V. (NASDAQ:YNDX) will supply local information and power location-based searches for Apple’s (NASDAQ:AAPL) new iOS mapping platform in Russia, according to the Wall Street Journal. The top Russian search company will also provide a link to its own mapping application when users require more details about a subject. In its endeavors to sever all connections with Google Maps (NASDAQ:GOOG), Apple has chosen TomTom and perhaps AutoNavi Holdings (NASDAQ:AMAP) to supply iOS mapping data.

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