Yahoo buys Summly, news mobile app created by Nick D’Aloisio, a 17-year old student from LondonBy Angel Cuala on Mar 26, 2013 in Business, Software, Technology •
Yahoo buys Summly, a news app created by Nick D’Aloisio, a 17-year old student from Wimbledon, London. Summly, a news reader app founded by D’Aloisio two years ago, delivers snapshots of stories on mobile phones for easy news browsing. It won the Apple’s Best Apps of 2012 award for Intuitive Touch.
Credit: Nick D’Aloisio Twitter
“I am delighted to announce Summly has signed an agreement to be acquired by Yahoo! Our vision is to simplify how we get information and we are thrilled to continue this mission with Yahoo!‘s global scale and expertise.” Nick D’Aloisio wrote in a statement at Summly.com on Monday, March 25, 2013.
“When I founded Summly at 15, I would have never imagined being in this position so suddenly. I’d personally like to thank Li Ka-Shing and Horizons Ventures for having the foresight to back a teenager pursuing his dream.” D’Aloisio added, also thanking the company’s advisers and investors.
“With over 90 million summaries read in just a few short months, this is just the beginning for our technology. As we move towards a more refined, liberated and intelligent mobile web, summaries will continue to help navigate through our ever expanding information universe.” D’Aloisio said further.
“Today, we’re excited to share that we’re acquiring Summly, a mobile product company founded with a vision to simplify the way we get information, making it faster, easier and more concise.” Adam Cahan, SVP of Mobile and Emerging Products, Yahoo wrote on its official blog on the same day.
Apparently, both companies did not reveal amount of the business deal, but several sources told All Things D that Yahoo bought Summly for $30 million – 90% in cash and 10% in stock. Nick D’Aloisio said that he will make arrangements in his high school classes and will work from the Yahoo office in London.
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