Summly Purchased By Yahoo; Teenager Scores $30 Million Payday >>Hollywood

The Hollywood Gossip

Summly Purchased By Yahoo; Teenager Scores $30 Million Payday Mar 26th 2013, 18:16 Yahoo has announced its acquisition of Summly, an app that lets users easily skim through news and articles on mobile devices, for $30 million. Its founder is only 17 years old. Nick D'Aloisio, who founded the company when he was 15, launched it in December 2011, backed by investors including Yoko Ono and Ashton Kutcher. The service sums up news articles in 400 characters, making it easy for users to scan for information and get to full articles if they want a more in-depth read. Born in 1996, D'Aloisio is younger than Yahoo itself (1995). D'Aloisio said he will pull Summly's app off the market but that users should expect to see the technology behind the app in Yahoo news products "soon." All Things Digital reported that Yahoo paid around $30 million for the service, and will also hire two other Summly employees as part of the deal. According to a report from The Telegraph, D'Aloisio will join Yahoo full-time while the firm integrates Summly's technology into its own products. And while he prepares for finals. The Summly acquisition is a notable for Yahoo CEO Marissa Mayer, who is continuing to make mobile devices and products the main focus of the company. Summly's appeal is that it can condense a lot of info in a way that's easy to digest on a small screen, a desirable trait as phone and tablet use rises.

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