Yahoo buys Summly news app
Internet giant Yahoo has snapped up mobile news aggregator Summly, the latest in a string of small acquisitions intended to bolster the web portal's mobile services.
Summly, founded by 17-year-old Nick D'Aloisio two years ago from his home in London, sorts news by topics in quick bites for smartphones. The start-up works closely with News Corp and is backed by Chinese investor Li Ka-Shing and angel investors including actor Ashton Kutcher and artist Yoko Ono.
Terms of the deal were not disclosed, though technology blog AllThingsD reported that Yahoo paid roughly $30m (€23m), citing anonymous sources.
D'Aloisio said Yahoo would use the technology that powers Summly to reinvent the delivery of information such as news, weather, stocks and finance for mobile devices. "What I am excited about with Yahoo is under the new leadership of Marissa Mayer, it's a classic internet company that has such a big opportunity," he added.
Yahoo said it would shut down the Summly app but would integrate the company's natural language processing and machine-learning technology across Yahoo's online services, particularly Yahoo's line-up of mobile services. (Reuters)