London schoolboy sold his smartphone news app Summly for $30 million to Yahoo
The internet giant Yahoo has acquired a London based start-up “Summly”, a mobile application offers users a quick and easy way of finding news stories on the internet. Yahoo did not disclose any financial details of the transaction.
Summly founder Nick D’Aloisio began working on the app at his home in Wimbledon, south-west London when he was 15.
In a message on the Summly website, he wrote: “I am delighted to announce Summly has signed an agreement to be acquired by Yahoo!.
“After spending some time on campus, I discovered that Yahoo! has an inspirational goal to make people’s daily routines entertaining and meaningful, and mobile will be a central part of that vision. For us, it’s the perfect fit.
“When I founded Summly at 15, I would have never imagined being in this position so suddenly.”
According to AllThingsD sources Yahoo paid around $30 million for the app with 90 per cent in cash and the remainder in stock. The transaction is expected to close in the second quarter, subject to closing conditions.
“If you have a good idea, or you think there’s a gap in the market, just go out and launch it because there are investors across the world right now looking for companies to invest in,” he told Reuters in a telephone interview late on Monday.
The terms of the sale, four months after Summly was launched for the iPhone, have not been disclosed and D’Aloisio, who is still studying for school exams while joining Yahoo as its youngest employee, was not saying. But technology blog AllThingsD said Yahoo paid roughly $30 million.
D’Aloisio said he was the majority owner of Summly and would now invest the money from the sale, though his age imposes legal limits for now on his access to it.
“I’m happy with that and working with my parents to go through that whole process,” he said.