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Teenager sells mobile news app to Yahoo for £18 million

Nick D’Aloisio has sold Summly, the app that provides bite-sized summaries of content from news and other sites, to the internet giant Yahoo. It is understood the 17 year old received £18m for the news-reading app, 90% in cash and 10% in Yahoo shares, although other reports have suggested the company was sold for up to £40m.

It is believed Yahoo brought the company in an attempt to refocus the business around mobile technology as it struggles to keep up with rivals.

Not bad when you consider he only begun playing around with mobile apps as a hobby and had not expected to profit from it, let alone become one of the world’s youngest internet millionaires.

Image by luisvilla.