Teen Strikes it Rich in Yahoo App Deal

by Christopher Freeburn | March 26, 2013 11:32 am

Teen Strikes it Rich in Yahoo App Deal

yahoo sign 630 300x225 Teen Strikes it Rich in Yahoo App Deal[1]A 17-year-old has become the United Kingdom newest millionaire after selling a popular mobileĀ app to a long-time Internet brand[2].

Yahoo (NASDAQ:YHOO[3]) 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.

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.[4]

In January, Yahoo acquired news gathering website Snip.it for $10 million[5], but then shut the site down, folding its talent into Yahoo’s own team.

Shares of Yahoo were flat in Tuesday morning trading.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/11/yahoo-sign-630.jpg
  2. after selling a popular mobileĀ app to a long-time Internet brand: http://allthingsd.com/20130325/yahoo-paid-30-million-in-cash-for-18-months-of-young-summly-entrepreneurs-time/
  3. YHOO: http://studio-5.financialcontent.com/investplace/quote?Symbol=YHOO
  4. which is attempting to increase its presence in the mobile sector.: http://investorplace.com/2012/10/yahoo-is-drinking-the-mobile-kool-aid/
  5. acquired news gathering website Snip.it for $10 million: http://investorplace.com/2013/01/yahoo-snaps-up-snip-it/

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