Yahoo has acquired the startup company Summly, which was created by teenage entrepreneur Nick D'Aloisio who is only 17 years old. Summly is a maker of an app that summaries news stories and other content to fit into the smaller screens of smartphones.
This would be the 5th acquisition that yahoo has made in a span of 5 months. The company has not disclosed the terms of the deal. However, there is news that yahoo paid $ 30 million to make the acquisition.
Nick in a post said 'Our vision is to simplify how we get information and we are thrilled to continue this mission with Yahoo!'s global scale and expertise. After spending some time on campus, I discovered that Yahoo! has an inspirational goal to make people's daily routines entertaining and meaningful, and mobile will be a central part of that vision. For us, it's the perfect fit'.
Nick began working on the app at his home in London, when he was only 15 years old. Within a span of 4 weeks of it's existence, the app registered over 90 million reads in just a few short months. The product is known to be backed by investors including Li Ka-Shing, Rupert Murdoch, Ashton Kutcher, Stephen Fry, Yoko Ono, Mark Pincus and others.
The app will be closing for good as summarization technology will be incorporated into multiple Yahoo! products. Nick and the other two employes will be joining Yahoo as employees