Home Acquisitions Yahoo just acquired London-based Summly for about $30m

Yahoo just acquired London-based Summly for about $30m

Yahoo just acquired London-based Summly for about $30m

The London-based mobile news aggregator Summly has just been acquired by Yahoo. Terms of the deal were not disclosed, though AllThingsD reported today that Yahoo paid roughly $30 million.

Summly sorts news by topics in quick bites for smartphones and was founded by 17-year-old Nick D’Aloisio two years ago. According to D’Aloisio, Yahoo is going to use the technology that powers Summly to reinvent the delivery of information such as news, weather, stocks and finance for mobile devices.

In a recent blog-post, Nick D’Aloisio stated: “When I founded Summly at 15, I would have never imagined being in this position so suddenly. I’d personally like to thank Li Ka-Shing and Horizons Ventures for having the foresight to back a teenager pursuing his dream. Also to our investors, advisors and of course the fantastic team for believing in the potential of Summly. Without you all, this never would have been possible. I’d also like to thank my family, friends and school for supporting me.”

Three Summly employees will join Yahoo as part of the deal, which is expected to close in the second quarter. According to Yahoo Senior Vice President of Mobile and Emerging Products Adam Cahan, Summly founder D’Aloisio will remain in London and be Yahoo’s youngest employee.

If you haven’t heard of Summly yet, make shure to watch the following video to learn more about it: