Yahoo will be reportedly pay $30 million under the acquisition deal claims AllThingsD. Summly summarizes news articles as well as webpages into easy to read and understand content by converting full length articles into 400 word summaries. Nick D’Aloisio developed the app when he was only 15 years old.
Launched back in 2011, Summly has by far attracted investments of more than around £1m including investments by celebrities like Ashton Kutcher, Stephen Fry, Yoko Ono, Brian Chesky, Troy Carter and Mark Pincus. Horizon Ventures, a private equity company also invested $250,000 in the teenager’s app idea.
In a message posted on Summly website, Nick D’Aloisio wrote that while building this app he had never ever imagined that this app will soon be at such a position. With this deal D’Aloisio has become one of the youngest multi-millionaires in the world.
Yahoo has offered Nick D’Aloisio along with his entire Summly team including Eugene Ciurana and Inderjeet Mani to join the company. D’Aloisio will be working full time at Yahoo’s London office while his other two team members will join the California headquarters’ Sunnyvale office. The app will soon be closed, while its technology and features will be used in several Yahoo products.
In the last few months, Yahoo has acquired a number of companies including Alike mobile application, OnTheAir video chat company, Stamped mobile startup company and a major stake in Dailymotion. Last week, the giant IT Company also announced its plans of acquiring Jybe.