Yahoo Buys Nick D’Aloisio’s Summly for $30 Million

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Yahoo Buys Nick D’Aloisio’s Summly for $30 Million

Yahoo Buys Nick D’Aloisio’s Summly for $30 Million

UK - Yahoo has acquired Summly, a mobile news app created by Nick D’Aloisio, a 17 year old boy.

Yahoo paid $30 million for the acquisition deal. The mobile news app summarizes all the online new articles as well as webpages into easy to read and understand content. Nick D’Aloisio, the creator of the news app developed this app when he was only 15 years old. This app which was launched in the year 2011 has by far attracted investments of more than around 1m including investments by celebrities like Ashton Kutcher, Stephen Fry, Yoko Ono, Brian Chesky, Troy Carter and Mark Pincus.

Horizon Ventures, a private equity company also invested $250,000 in the teenager’s app idea. The app will covert full length articles into 400 character small summaries in the language preferred by the user.

In a recent blog post Nick D’Aloisio wrote that while building this app he had never ever imagined that this app will soon be at such a position. With this deal D’Aloisio has become one of the youngest multi-millionaires in the world.

Google has offered Nick D’Aloisio along with his entire Summly team including Eugene Ciurana and Inderjeet Mani to join the company. D’Aloisio will be working full time at Yahoo’s London office while his other two team members will join the California headquarters’ Sunnyvale office. The app will soon be closed, while its technology and features will be used in several Yahoo products.

In the last few months, Yahoo has acquired a number of companies including Alike mobile application, OnTheAir video chat company, Stamped mobile startup company and a major stake in Dailymotion. Last week, the giant IT Company also announced its plans of acquiring Jybe.