Yahoo buys news mobile app Summly

Posted by: Gab March 28, 2013 in Technology Leave a comment

Recently Yahoo! bought Summly. Summly is a news app created by Nick D’Aloisio, a 17-year old student from Wimbledon, London.

It is a news app that delivers snapshots of stories on mobile phones for easy news browsing. The said app won the Apple’s Best Apps of 2012 award for Intuitive Touch.

“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

“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.

“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.” he 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 said

Both companies unveiled the amount of the said business deal. But sources says that Yahoo bought Summly for $30 million – 90% in cash and 10% in stock.

D’Aloisio said that he will make arrangements in his high school classes and will work from the Yahoo office in London.