- V3 Apps
Yahoo has bought the mobile news app Summly from 17-year old entrepreneur Nick D'Aloisio.
According to some reports, Summly will cost Yahoo $30m. D'Aloisio built the news app that summarises webpages and news articles into easy-to-read content when he was 15-years old.
"When I founded Summly at 15, I would have never imagined being in this position so suddenly," wrote D'Aloisio in a blog post.
"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, advisors and of course the fantastic team for believing in the potential of Summly; without you all, this never would have been possible."
According to AllthingsD, Yahoo will pay $30m for Summly. The payout will come in a 90/10 split between cash and stocks. Terms of the deal dictate that D'Aloisio and his staff will go to work for Yahoo following the deal.
Summly offers mobile users the ability to see snapshots of stories. The app skims web articles and summarises the most relevant information into 400-word dispatches.
"Mobile devices are at the center of how we engage with the people, experiences and interests we love," said Yahoo's senior vice president of mobile and emerging products, Adam Cahan, in a statement.
"Across Yahoo, we're focused on creating beautiful experiences that people are excited to use every day - products that inspire and delight. We can't wait to work with Nick and the Summly team to do just that."
Private equity firm Horizon Ventures invested $250,000 in the UK teen's idea in 2011.
The purchase makes another in a string of start-up buys from Yahoo. Within the past year the technology firm has already acquired video chat firm OnTheAir and mobile startup Stamped.