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Yahoo purchases Summly app
for 30 million from youngster
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Articles
Teenager Nick D'Aloisio has become one of the world's youngest
tech millionaires after selling his iPhone app, Summly, to internet giants Yahoo
in a deal reportedly worth $30 million. He is 17 and plans to buy a new shoulder
bag.
D'Aloisio had the idea to create the app while studying for
his mock history GCSE exam at just 15, reports the Financial
Times. While clicking in and out of search results on Google, he realised how
inefficient and time-wasting it was.
"I realised there was all this information on the web but it had
not been ordered. That's when I had the idea for an algorithm that would
summarise the results of web searches automatically," he said. The app has deals
with more than 250 publishers, including News Corporation and has been
downloaded one million times.
D'Aloisio, who taught himself to code for iPhone when he was 12,
developed the app after persuading his teachers at King's College School,
Wimbledon, to allow him to postpone his mock GCSEs so he could to travel to
California to seek investors. He secured more than £1 million in funding from,
among others, Ashton Kutcher, Stephen Fry and Yoko Ono. Rupert Murdoch's wife
Wendy is also said to be a private investor.
Australian-born D'Aloisio, whose mother is a lawyer and whose
father works at Morgan Stanley, said he has "boring" plans for the money. "I'm
planning to invest it - my parents are in control of it," he said. "I want to
buy a shoulder bag."
D'Aloisio, who has been off school for six months to develop his
business, says he still wants to complete his A-levels and go to university. For
now, however, the teen and his team will work at Yahoo's London office. Summly
will be closed and its features incorporated into mobile products at Yahoo
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