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Yahoo buys Summly for an undisclosed sum

Web giant Yahoo has bought an application developed by a British teenager, Nick D’Aloisio, in a deal the Evening Standard reports, could be worth up to £40 million.

The app attracted interest (and critical support) from the likes of Mark Pincus (Zynga), Rupert Murdoch (News International), Li Ka Shing (Hutchinson Whampoa), Matt Mullenweg (Wordpress) and a few more celebrities.

Summly will make of D’Aloisio a (very) rich kid indeed (richer than Princes William and Harry or Daniel Radcliffe) but one who seems to have his head well screwed on his shoulder.

He told the Evening Standard that he will probably just buy a pair of Nike Shoes and will study for his A-level like any other teenagers his age, albeit at Yahoo’s own headquarters in London.

On Summly’s website, he speaks about the company’s vision to “simplify how we get information and we are thrilled to continue this mission with Yahoo!'s global scale and expertise”.

Summly competes with a number of news consumption applications like Pulse and Flite. It has managed to get well over 90 million summaries since it was launched less than two years ago.

The acquisition, which has been described by some commentators as a way to bring some fresh blood within Yahoo, is the most high profile acquisition of Marissa Mayer, the CEO of Yahoo.

Désiré Athow

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website building and web hosting when DHTML and frames were en vogue and started writing about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium. Following an eight-year stint at where he discovered the joys of global tech-fests, Désiré now heads up TechRadar Pro. Previously he was a freelance technology journalist at Incisive Media, Breakthrough Publishing and Vnunet, and Business Magazine. He also launched and hosted the first Tech Radio Show on Radio Plus.