The creator of the news app "Summly" is set to become one of the world's youngest self-made millionaires thanks to a deal with Yahoo.
UK teenager Nick D'Aloisio created the app when he was just 15 and following a £1m investment the company soon attracted the attention of Yahoo and now a deal has been signed.
The exact figure has not been confirmed by Yahoo or Nick but it is believed to be in the region of £18 million and speaking to the London Evening Standard the teenager said "I like shoes, I will buy a new pair of Nike trainers and I'll probably get a new computer, but at the moment I just want to save and bank it. I don't have many living expenses."
Nick D'Aloisio did not just get a lump sum from Yahoo, he has also been given a position within the company along with other "top staff" from Summly. The app itself will now be closed down but the features will be incorporated into Yahoo Mobile services.
Adam Cahan, senior vice president of Yahoo Mobile, said ""For publishers, the Summly technology provides a new approach to drive interest in stories and reach a generation of mobile users that want information on the go,"
Nick D'Aloisio commented on the sale on his blog "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, advisers and of course the fantastic team for believing in the potential of Summly."
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