Some of our readers will remember an iPhone app called Summly, which was started by a British teenager, Nick D’Aloisio. Yahoo has just announced that they have now acquired Summly in a deal which is reported to be worth close to $30 million US dollars.
Yahoo has announced that the Summly app will close, and the technology behind the application will be used in Yahoo’s future mobile products. Yahoo did not disclose the exact amount they paid for Summly.
“Founder Nick D’Aloisio and the Summly team are joining Yahoo! in the coming weeks. While the Summly app will close, we will acquire the technology and you’ll see it come to life throughout Yahoo!’s mobile experiences soon. We’re not disclosing purchase price or other terms of the deal.”
The Journey of Summly
Summly was started by Nick D’Aloisio when he was just 15 years old. The app was designed to provide concise summaries of news articles, making it easier for users to stay informed without having to read lengthy articles. The idea quickly gained traction, and D’Aloisio managed to secure around £1 million in investment for the app. Investors included high-profile individuals such as Yoko Ono and Ashton Kutcher, who saw the potential in the young entrepreneur’s vision.
The app utilized advanced algorithms and natural language processing to generate summaries, which was a significant innovation at the time. This technology caught the attention of many in the tech industry, including Yahoo, which was looking to bolster its mobile offerings.
Yahoo’s Strategic Acquisition
Yahoo’s acquisition of Summly is part of a broader strategy to enhance its mobile products. By integrating Summly’s technology, Yahoo aims to improve the user experience across its mobile platforms. This move is seen as a way for Yahoo to stay competitive in the rapidly evolving tech landscape, where mobile usage is increasingly dominant.
The acquisition also highlights the growing trend of larger tech companies buying out smaller startups to gain access to innovative technologies and talent. In this case, Yahoo not only acquired the technology but also brought Nick D’Aloisio and the Summly team on board. This is expected to bring fresh ideas and perspectives to Yahoo’s mobile development efforts.
The closure of the Summly app may disappoint some of its loyal users, but the promise of its technology being integrated into Yahoo’s mobile experiences offers a silver lining. Users can look forward to more streamlined and efficient ways to consume news and information on their mobile devices.
Nick D’Aloisio’s success story is an inspiring example of how a simple yet innovative idea can lead to significant opportunities. At such a young age, he managed to create a product that not only attracted substantial investment but also caught the eye of a major tech company. This acquisition is likely to open up even more doors for him and his team in the future.
In conclusion, Yahoo’s acquisition of Summly is a strategic move to enhance its mobile offerings and stay competitive in the tech industry. The integration of Summly’s technology into Yahoo’s mobile products promises to bring improved user experiences, while the success of Nick D’Aloisio serves as an inspiration to young entrepreneurs everywhere.
Source All Things D
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