When Nick D’Aloisio was fifteen, he founded Summly.
Summly is a mobile news aggregation app that doesn’t make any money, but no matter. Today, D’Aloisio sold his startup to Yahoo for close to $30 million, AllThingsD reports. It’s not clear how much of the deal was cash versus stock. Either way, it’s a lofty exit for a 17-year-old – or anyone for that matter.
Yahoo plans to shut down D’Aloisio’s company. So why’d it spend $30 million on a kid?
Yahoo! To Acquire Summly
Today, we’re excited to share that we’re acquiring Summly, a mobile product company founded with a vision to simplify the way we get information, making it faster, easier and more concise.
At the age of 15, Nick D’Aloisio created the Summly app at his home in London. It started with an insight — that we live in a world of constant information and need new ways to simplify how we find the stories that are important to us, at a glance. Mobile devices are shifting our daily routines, and users have changed not only what, but how much information they consume. Yet most articles and web pages were formatted for browsing with mouse clicks. The ability to skim them on a phone or a tablet can be a real challenge — we want easier ways to identify what’s important to us.
Summly solves this by delivering snapshots of stories, giving you a simple and elegant way to find the news you want, faster than ever before. For publishers, the Summly technology provides a new approach to drive interest in stories and reach a generation of mobile users that want information on the go.
Nick and the Summly team are joining Yahoo! in the coming weeks. While the Summly app will close, you will see the technology come to life throughout Yahoo!’s mobile experiences soon. So stay tuned!
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.
(** A quick note from our lawyers: The transaction is subject to customary closing conditions and is expected to close in Q2.)
Twitter Responds to Teen sells Summly to Yahoo! for $30 Million
@nickdaloisio congrats on the sale of Summly to Yahoo. You interested in buying a political news site? Lol
— Albert Milliron (@AL7KT) March 26, 2013
— Yahoo Inc. (@YahooInc) March 25, 2013
— Bloomberg TV (@BloombergTV) March 25, 2013
— Politisite.com (@Politisite) March 26, 2013