News, Insights and Stories from the Australian and New Zealand tech ecosystem.

Aussie Nick D’Aloisio’s startup Summly acquired by Yahoo for an estimated $30 million

17 year old English / Australian Nick D’Aloisio is somewhat of a phenomenon. After not long rolling out a second iteration of his startup Summly it was just confirmed today that Yahoo would be acquiring the company for an estimated $30 million, which has an impressive portfolio including Ashton Kutcher and Marc Pincus.

When we first wrote about Summly two years ago around the time we began this publication  Nick had received $250K in funding and was just 15 years of age. But his age, as he said to the Huffington post is completely irrelevant, other than the fact that he made the app for people in his age group that prefer to skim their news and articles.

D’Aloisio confirmed the acquisition by posting this short and sweet summary on the company website.

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

What a great success story. It should also be noted that Nick is the youngest person to receive a round of venture capital in technology at just 15 years of age. What a legend!

image: memeburn.com

 

 





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