<p>Yahoo! announced plans today to buy mobile news reader app Summly from the London teenager who invented it, likely transforming him into one of the world's youngest self-made multimillionaires.<br /><br /></p>.<p>The company did not disclose the terms of the deal it struck with 17-year-old Nick D'Aloisio, but the London Evening Standard said Yahoo! would pay between USD 30-60 million.<br /><br />"We're excited to share that we're acquiring Summly, a mobile product company founded with a vision to simplify the way we get information, making it faster, easier and more concise," Yahoo! said in a statement.<br /><br />"At the age of 15, Nick D'Aloisio created the Summly app at his home in London. It 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."<br /><br />Yahoo! said most articles and web pages were formatted for browsing with mouse clicks and that "the ability to skim them on a phone or a tablet can be a real challenge -- we want easier ways to identify what's important to us."<br /><br />The California firm said that "Nick and the Summly team are joining Yahoo! in the coming weeks."<br /><br />D'Aloisio said in a tweet: "@Summly has signed an agreement to be acquired by Yahoo!! Excited for the next chapter of Summly! Thanks to all who have supported me."<br /><br />The Evening Standard said the Wimbledon youth, who would become one of the world's youngest technology millionaires, claims to have created the app as a hobby. "I didn't realise it was possible to make money out of it," he was quoted as saying.<br /><br />About the new inflow of cash, the youth 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."<br /><br />Former Google executive Marissa Mayer took over at Yahoo! in July 2012 as part of efforts by the struggling Internet search pioneer to reinvent itself.</p>
<p>Yahoo! announced plans today to buy mobile news reader app Summly from the London teenager who invented it, likely transforming him into one of the world's youngest self-made multimillionaires.<br /><br /></p>.<p>The company did not disclose the terms of the deal it struck with 17-year-old Nick D'Aloisio, but the London Evening Standard said Yahoo! would pay between USD 30-60 million.<br /><br />"We're excited to share that we're acquiring Summly, a mobile product company founded with a vision to simplify the way we get information, making it faster, easier and more concise," Yahoo! said in a statement.<br /><br />"At the age of 15, Nick D'Aloisio created the Summly app at his home in London. It 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."<br /><br />Yahoo! said most articles and web pages were formatted for browsing with mouse clicks and that "the ability to skim them on a phone or a tablet can be a real challenge -- we want easier ways to identify what's important to us."<br /><br />The California firm said that "Nick and the Summly team are joining Yahoo! in the coming weeks."<br /><br />D'Aloisio said in a tweet: "@Summly has signed an agreement to be acquired by Yahoo!! Excited for the next chapter of Summly! Thanks to all who have supported me."<br /><br />The Evening Standard said the Wimbledon youth, who would become one of the world's youngest technology millionaires, claims to have created the app as a hobby. "I didn't realise it was possible to make money out of it," he was quoted as saying.<br /><br />About the new inflow of cash, the youth 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."<br /><br />Former Google executive Marissa Mayer took over at Yahoo! in July 2012 as part of efforts by the struggling Internet search pioneer to reinvent itself.</p>