Yahoo spends millions on app created by UK teen

Nick D’Aloisio’s Summly app was purchased by Yahoo for millions of pounds.

14:38 27 March 2013

Summly, an app that offers an easy way of finding news stories on the internet, was bought by Yahoo from a UK teen for millions of pounds. Although the terms of the deal were not disclosed, industry experts believe that it could be worth at least £20 million.

Yahoo’s move to acquire Summly is believed to be an attempt to fill the gap left by Google as it announced its plan to retire its RSS reader application as of July 1st.

 

Meanwhile, 17-year-old Nick D’Aloisio, who is most likely to be included in the list of world’s youngest self-made millionaires, do not have any plan to splurge just yet.

 

He said: "I like shoes, I will buy a new pair of Nike trainers and I'll probably get a new computer, but at the moment I just want to save and bank it.

 

"I don't have many living expenses."

 

The teenager also thanked those people who backed him up. In a note on the Summly blog, he wrote: "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. Also to our investors, advisers and of course the fantastic team for believing in the potential of Summly.

 

"Without you all, this never would have been possible. I'd also like to thank my family, friends and school for supporting me."
Now that the deal is finalised, the Summly app will be closed from the Apple Inc store and its features will be integrated into Yahoo’s mobile initiatives.