Yahoo Pays British Teenager $30 Million for Mobile News App

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Posted 4 years ago

Yahoo Pays British Teenager $30 Million for Mobile News AppIf you’re a wannabe app developer struggling to create that one winning app, British teenager Nick D’Aloisio may serve as all the inspiration you need to push through with your ideas.

Two years ago, when he was just fifteen, D’Aloisio built Summly, a mobile news app designed to summarize webpages and news articles into easy to read content. Fast forward to today, and just four months after the app debuted for iPhone, 17-year old Nick is a multi-millionaire and Yahoo’s youngest employee.

“When I founded Summly at 15, I would have never imagined being in this position so suddenly,” D’Aloisio wrote in a blog post.

“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.”

The exact terms of the sale have yet to be disclosed, however AllThingsD says that Yahoo will pay roughly $30 million for the app, the payout split 90/10 between cash and stocks.

D’Aloisio is majority owner of Summly and says he will invest the cash in a trust fund, a new computer and some new sneakers; although he will need to wait until he is 18 to legally do so! And the grounded teenager will not be heading over to the California headquarters of his new employers just yet either. “I’ll be staying in London,” said D’Aloisio. “I want to finish my A-levels, and I couldn’t really live on my own out there.”

Summly is an app designed for the modern day reader, allowing users the chance to digest the daily news without having to invest time in lengthy articles. By skimming web articles and summarizing them in 400 words, users get all the information they need on the biggest stories of the day.

In a statement about the deal, Yahoo’s senior vice president of mobile and emerging products said: “Mobile devices are at the center of how we engage with the people, experiences and interests we love. Across Yahoo, we’re focused on creating beautiful experiences that people are excited to use every day – products that inspire and delight. We can’t wait to work with Nick and the Summly team to do just that.”

Having propelled himself into the list of the world’s richest teenagers, you may be wondering if D’Aloisio has any advice to share. Well, he does and it’s pretty simple: Just do it!

“If you have a good idea, or you think there’s a gap in the market, just go out and launch it because there are investors across the world right now looking for companies to invest in,” the Brit told Reuters. Great advice indeed.

– Anthony Carter

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