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Teen Strikes it Rich in Yahoo App Deal

The app's creator is younger than Yahoo


yahoo sign 630A 17-year-old has become the United Kingdom newest millionaire after selling a popular mobile app to a long-time Internet brand.

Yahoo (NASDAQ:YHOO) purchased Summly, a mobile app that condenses online news content for quicker reading, from Nick d’Aloisio. The Internet pioneer paid $30 million in cash and stock to acquire the app, AllThingsD noted.

Yahoo! Could Make a Play for Dailymotion
Yahoo! Could Make a Play for Dailymotion

Now that Yahoo has acquired the app, it will disappear. Yahoo will integrate its technology into other products. The deal is expected to close in the next few months. D’Aloisio will join Yahoo’s London team while he finishes high school.

The deal marked the fifth acquisition in as many months for Yahoo, which is attempting to increase its presence in the mobile sector.

In January, Yahoo acquired news gathering website for $10 million, but then shut the site down, folding its talent into Yahoo’s own team.

Shares of Yahoo were flat in Tuesday morning trading.

Article printed from InvestorPlace Media,

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