Yahoo buys app from British teen


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.”