Yahoo spends 'millions' on UK teen's Summly app
An app created by a UK teenager has been acquired by web giant Yahoo
in a deal the BBC understands to be worth "dozens of millions" of
Seventeen-year-old Nick D'Aloisio's Summly app summarises news
stories from popular media companies.
Neither company would disclose the terms of the deal publicly.
The app itself will now close, but its features will be used in
mobile products at Yahoo, where D'Aloisio has been given a job.
He will be joined by several of Summly's 'top staff' in new roles at
Yahoo in the next few weeks.
The app launched when D'Aloisio was aged just 15, and soon attracted
more than £1m of investment. He is now likely to be one of the world's
youngest self-made multi-millionaires.
Speaking to the London Evening Standard , the Wimbledon-based teen
said: "I like shoes, I will buy a new pair of Nike trainers and I'll
probably get a new computer, but at the moment I just want to save and
In a note on the Summly blog, D'Aloisio wrote on Monday: "When I
founded Summly at 15, I 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. Also to
our investors, advisers and of course the fantastic team for believing
in the potential of Summly."
"Without you all, this never would have been possible. I'd also like
to thank my family, friends and school for supporting me."
Yahoo's senior vice president of mobile, Adam Cahan, said the company
was "excited" to have Mr D'Aloisio and his colleagues on board.
"For publishers, the Summly technology provides a new approach to
drive interest in stories and reach a generation of mobile users that
want information on the go," he wrote.
Less enthusiastic about the acquisition was app developer Little
The London-based company was commissioned by D'Aloisio to create an
Android version of the Summly app - which was days away from launch.
Little Fluffy Toys, Director Kenton Price, who is also contracted by
the BBC, said that his firm was told the Yahoo deal was on the cards,
but was 'disappointed' the app would now never be released.