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The Mobile App Yahoo May Be Targeting Next

Summly would fit into Marissa Mayer's mobile expansion plans

   

Yahoo (NASDAQ:YHOO) may be looking to snap up another social media startup.

Unnamed sources told AllThingsD that Yahoo is conducting due diligence on Summly, a news summarizing app created by Nick D’Aloisio, a 17-year old Briton.

New Yahoo: Company Updates E-Mail System
New Yahoo: Company Updates E-Mail System

Summly is reportedly negotiating with potential investors to obtain a new round of financing. The app, for devices running Apple‘s (NASDAQ:AAPL) iOS, has been downloaded 500,000 times. The company has also struck content deals with News Corp. (NASDAQ:NWSA).

Discussions between Yahoo and Summly are in the preliminary stages and no offer has yet been made. However, acquiring the trendy start-up would fit with Yahoo CEO Marissa Mayer’s strategy of rising young talent to build out its mobile development team.

Earlier this month, Yahoo acquired OnTheAir, a mobile online video chat service. Just two months earlier, it acquired Stamped, another mobile start-up.

Shares of Yahoo slipped fractionally in Monday morning trading.


Article printed from InvestorPlace Media, http://investorplace.com/2012/12/the-mobile-app-yahoo-may-be-targeting-next/.

©2016 InvestorPlace Media, LLC

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