Business, Economics and Jobs

Summly: UK teen Nick D'Aloisio sells app to Yahoo for millions (VIDEO)


A customer looks at a white and a black iPhone 4.


David Paul Morris

UK teen Nick D'Aloisio created an app called Summly that he has now sold to Yahoo for millions.

Seventeen-year-old D'Aloisio's app summarizes news stories from popular media organizations. The app launched when he was just 15, and D'Aloisio is now likely to be one of the world's youngest self-made multi-millionaires.

Neither Yahoo nor D'Aloisio would disclose the terms of the deal publicly.

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Summly will now be closed and its features will become a part of Yahoo's mobile products. The teen inventor has also been given a full-time job at the company while he finishes high school.

"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," D'Aloisio said in a statement. "We will be removing Summly from the App Store today but expect our summarization technology will soon return to multiple Yahoo products — see this as a ‘power nap,' so to speak."

Yahoo also released a statement, saying: "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."

"At the age of 15, Nick D'Aloisio created the Summly app at his home in London. It started with an insight – that we live in a world of constant information and need new ways to simplify how we find the stories that are important to us, at a glance."