British teenage whiz strikes deal with Yahoo

Source: AP-Excite

LONDON (AP) - One of Britain's youngest Internet entrepreneurs has hit the jackpot after selling his top-selling mobile application Summly to search giant Yahoo.

Seventeen-year-old Nick d'Aloisio, who dreamed up the idea for the content-shortening program when he was studying for his exams, said he was surprised by the deal. As with its other recent acquisitions, Yahoo didn't disclose how much it is paying for Summly, although British newspapers suggested the deal's value at several million dollars.

"I would have never imagined being in this position so suddenly," he wrote on his website, before thanking his family, his school - and his venture capitalist backer Li Ka-Shing - for supporting him.

Summly works by condensing content so readers can scroll through more information more quickly - useful for the small screens of smartphones.

FULL story at link.


Read more: http://apnews.excite.com/article/20130326/DA58NUD02.html

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In this Jan. 4, 2012 file photo, the company logo is displayed at Yahoo headquarters in Sunnyvale, Calif. One of Britain's youngest Internet entrepreneurs has hit the jackpot after selling his top-selling mobile application Summly to search giant Yahoo the company announced Monday March 25, 2012. (AP Photo/Paul Sakuma, File)