Seventeen-year-old Nick D'Aloisio, founder of Summly app, will be joining Yahoo in the following weeks after the web giant purchased the app, the New York Times reported.
Nick D'Aloisio created the Smartphone app, Summly, which summarizes news stories, when he was 15-years old. The app gained popularity in a very short while. Yahoo announced Monday, that it had bought the Summly app for what is said to be worth 10 of millions of dollars, but the exact figure was not disclosed. Yahoo also appointed D'Aloisio and several of Summly's best employees to new roles in the company.
The 17-year old Wimbledon-based teen is likely to be one of the world's youngest self-made multi-millionaires, reported BBC News.
Yahoo declared the shutting down of the Summly app but will continue to "acquire the technology and you'll see it come to life throughout Yahoo's mobile experiences soon."
D'Aloisio thanked all his investors, advisers and his team who helped him through the journey as Summly gained its success.
"When I founded Summly at 15, I would have never imagined being in this position so suddenly," D'Aloisio wrote in a Summly blog post. "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, advisors and of course the fantastic team for believing in the potential of Summly. Without you all, this never would have been possible. I'd also like to thank my family, friends and school for supporting me."
The teenage entrepreneur also thanked all the users and said the technology will soon be used in other Yahoo products. The Summly app was also awarded as the Best Apple App of the year 2012 for Intuitive Touch.
Besides Li Ka-Shing, who helped D'Aloisio during the early stages of developing the app through his investment fund, other investors included Wendi Murdoch, Ashton Kutcher and Yoko Ono.
Despite the heavy paycheck from Yahoo, D'Aloisio has no plans of spending on anything but 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."
The young talent also revealed that he is excited to join the multi-national company as he feels Yahoo has built a great enviroment for founders and start ups.
