Summly Purchased By Yahoo For $30 Million

Yahoo recently purchased Summly, a news-aggregating app created by 17-year-old Nick D’Aloisio, paying $30 million for the math behind the app.

Summly made its debut in the app market back in November, and the free news curator subsequently received millions of downloads. The app used an algorithm to create a more streamlined and mobile-friendly way of consuming news on a variety of topics – from politics, to sports and lifestyle interests. It also offered time-sensitive topics for the Olympics and Hurricane Sandy, among many others.

Unlike Facebook’s acquisition of Instagram, Yahoo had no intention of keeping Summly running as an autonomous app. In fact, it’s already off the app market. Instead, Yahoo shelled out $30 million (90% in cash and 10% in stock, All Things D’s Kara Swisher told NPR), for D’Aloisio’s talent and the math behind his debut app. It’s all in an attempt by Yahoo’s new CEO Marissa Mayer to strengthen Yahoo’s mobile presence.

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