British Teen Sells Mobile App to Yahoo for $28.7 MillionTue, Mar 26, 2013 - 11:45 AM
At just 17, UK resident Nick D’Aloisio has now become one of the world’s youngest self-made multimillionaires. Yahoo has announced that it has acquired D’Alosio’s company for a reported $28.7 million in stock and cash. The technology that Yahoo was after is an app called Summly which aims to change the way we read emails, news articles or any other text on our computers and smartphones by using algorithms to summarize text in under 400 characters. Yahoo did not disclose the exact terms of the deal, but many are reporting that Yahoo will pay up to $US30 million ($28.7 million), mostly in cash, with 10 per cent in stock.
Before it was pulled from the app store Monday after the announcement of the Yahoo deal, D’Aloisio’s app Summly had been downloaded nearly 1 million times. It had deals with 250 online publishers, including News Corp., and 10 employees in London. Not bad for a high school student.