SAN FRANCISCO – Yahoo announced plans Monday to buy mobile news reader app Summly from the London teenager who invented it, likely making him one of the world’s youngest self-made multimillionaires.
The company did not disclose the terms of the deal it struck with 17-year-old Nick D’Aloisio, but the London Evening Standard said Yahoo would pay between £20 million and £40 million ($30 million to $60 million).
“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,” Yahoo said in a statement. “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.”
Yahoo said most articles and Web pages were formatted for browsing with mouse clicks and that “the ability to skim them on a phone or a tablet can be a real challenge — we want easier ways to identify what’s important to us.”
The California-based firm said that “Nick and the Summly team are joining Yahoo in the coming weeks.”