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Summly is a mobile news aggregation app that doesn't make any money, but no matter. It's not clear how much of the deal was cash versus stock. Either way, it's a lofty exit for a year-old - or anyone for that matter.

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The team and technology are unexceptional and the app itself will be shut down. What Yahoo really gets for its big check is momentum and buzz. Yahoo was last cool in approximately the mid s.

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Yahoo said today that it bought mobile news reader Summly, founded two years ago by year-old British entrepreneur Nick D'Aloisio. Terms of the deal weren't disclosed. For us, it's the perfect fit. Launched in November, the Summly app summarizes news stories down to a few hundreds words so they can be easily displayed and read on mobile devices.

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Jeff Brady. The twist is that the person who created it is year-old Nick D'Aloisio. He lives in England.

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But he won't be moving to the company's California headquarters just yet … because he wants to finish his A-levels. Nick D'Aloisio, from Wimbledon, south London, created the app, called Summly — which provides bite-sized summaries of content from news and other sites — a little over a year ago from his bedroom and now joins an elite group of teenagers who have become internet millionaires. D'Aloisio, who is still too young to be a director of his own firm, said he had begun tinkering with apps for mobile devices as a hobby and had not expected to profit from it.

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Before Yahoo shut it down, Summly was an app that skimmed the world's sources of news, edited it all down to fewer words, and distributed it to readers in a personalized way. Yesterday, we pointed out that the deal was odd for several reasons :. They are the quintessential bolt-on engineers, taking a Japanese bike engine, slapping together a badly constructed frame aligned solely by eyeballs, and laying down a marketing blitz. There's a Wall Street Journal story that says:.

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Summly is all that and a bag of fish and chips, with a very slick app for the Apple iPhone that has become one of the more popular in the App Store since it was re-launched last month. The company has said it has been downloadedtimes. It deserves the attention, as it is a pleasure to use — think an even hipper version of Flipboard with some more sass.

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We thought the deal was weird. Not only did the Summly team not invent the app's technology, they also did not build the app. A company called Somo did. Somo is "the UK's largest independent mobile marketing agency.


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