Yahoo acquires Summly for $30 million

YahooYahoo Inc has acquired mobile news aggregator Summly. Terms of the deal were not disclosed. AllThingsD reported that Yahoo paid roughly $30 million. Three Summly employees will join Yahoo as part of the deal.

Summly was founded two years ago by young entrepreneur Nick D’Aloisio, a then 15 year-old working from his home in London. Summly delivers snapshots of news stories to smart phones in a simple and elegant way. Summply was backed by Li Ka-Shing and Horizons Ventures. Plus other angel investors including actor Ashton Kutcher and artist Yoko Ono,

Yahoo said it will shut down the Summly app but will integrate the company’s natural language processing and machine-learning technology across Yahoo’s various online services, particularly Yahoo’s line-up of mobile services.

Here is how how Nick D’Aloisio announced the deal.

In true Summly fashion, I will keep this short and sweet.

I am delighted to announce Summly has signed an agreement to be acquired by Yahoo!. Our vision is to simplify how we get information and we are thrilled to continue this mission with Yahoo!’s global scale and expertise. After spending some time on campus, I discovered that Yahoo! has an inspirational goal to make people’s daily routines entertaining and meaningful, and mobile will be a central part of that vision. For us, it’s the perfect fit.

When I founded Summly at 15, I would have never imagined being in this position so suddenly. I’d personally like to thank Li Ka-Shing and Horizons Ventures for having the foresight to back a teenager pursuing his dream. Also to our investors, advisors and of course the fantastic team for believing in the potential of Summly. Without you all, this never would have been possible. I’d also like to thank my family, friends and school for supporting me.

Most importantly, thank you to our wonderful users who have helped contribute to us receiving Apple’s Best Apps of 2012 award for Intuitive Touch! We will be removing Summly from the App Store today but expect our summarization technology will soon return to multiple Yahoo! products – see this as a ‘power nap’ so to speak.With over 90 million summaries read in just a few short months, this is just the beginning for our technology. As we move towards a more refined, liberated and intelligent mobile web, summaries will continue to help navigate through our ever expanding information universe.

Sincerely, Nick, Founder

USA, Sunnydale, CA & UK, London

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