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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.

Desire worked at ITProPortal right at the beginning and was instrumental in turning it into the leading publication we all know and love today. He then moved on to be the Editor of TechRadarPro - a position he still holds - and has recently been reunited with ITProPortal since Future Publishing's acquisition of Net Communities.