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Seventeen-year-old Nick D’Aloisio hit the big leagues when he sold his trendy mobile app Summly to Yahoo! for an estimated $30 million.
According to the Washington Post, Summly takes a news article and reduces it down to 400 characters, summarizing the more important phrases and key words to allow for quick and easy reading. D’Aloisio founded the company when he was just 15 years old and launched Summly for the first time back in 2011. Since then, he has received financial assistance from investors such as Yoko Ono and Ashton Kutcher.
In a public statement following the acquisition, Yahoo! said that D’Aloisio “started with an insight – that we live in a world of constant information and need new ways to simplify how we find the stories that are important to us, at a glance," The Telegraph reported.
D’Aloisio has dissolved Summly and will work full-time at Yahoo! to aid with the integration of his technology. He, two members of the Summly team will work alongside Yahoo! employees and researchers to enhance the application before re-releasing to the public under the Yahoo! brand. They hope to make the application available for android as well as iPhone users.
D’Aloisio has written a letter to all Summly users and visitors on the app’s website which can be viewed here at Summly.com.