GO
Loading...

Yahoo Wonder Kid Eyes More Start-ups After Summly Sale

Matt Clinch; Reported by: Louisa Bojesen
Tuesday, 26 Mar 2013 | 3:04 AM ET
Getty Images

The 17-year old founder of mobile news app Summly plans to finish school and start more companies, not resting on his laurels after Internet giant Yahoo purchased his product and made him a multi-millionaire.

Nick D'Aloisio's Summly summarizes and aggregates whole news stories into snippets regardless of who publishes them. The app was snapped up on Monday for an undisclosed fee. Media reports suggest the deal is worth around $30 million.

"We see Summly as being really valuable for consumers on their phone in Starbucks when you have five minutes and want to know what's happening in the world. These summaries are a lot easier to digest and consume than full length content," he told CNBC Tuesday.

(Read More: Yahoo Acquires a Teenager's News Gathering Start-Up)

D'Aloisio was just 15 years old when he created the app and started programming at the age of 12. Despite his tender years, he told CNBC that his new-found wealth hasn't gone to his head.

"I don't have anything I want to buy immediately. Over the next few months while I get this money it will be invested appropriately and kept safely in trust funds. It's there for when I'm older and want to start another company and can use my own money instead of raising VC (venture capital) money. That's where it could be really useful. I do want to start another company somewhere in the future," he said.

"I started this as a hobby. I didn't even know about venture capital funding, I fell into that. So going forward as long as I remain focused developing production, applications. If I branch out of technology into business. If I keep a clear head on what I want to achieve working at companies, I think that will keep me grounded."

(Read More: Meet the 17-Year-Old Who Is Reinventing News)

Why Yahoo Is Best Fit for Summly
Nick D'Aloisio, founder of Summly, tells CNBC he chose Yahoo over other big technology companies because of the group's strategy on mobile.

D'Aloisio said he still has plans to complete his school exams although he is now officially a Yahoo employee. His work now teams up with Yahoo's growing mobile expansion under the leadership of new CEO Marissa Meyer.

Since her arrival last year Yahoo's stock price has risen by nearly 50 percent as the Internet search giant battles rival Google over market share.

(Read More: Yahoo's Mayer Makes Her First Deal)

"They have all these assets they've had since the 1990s and all they need to do is package it up into a beautiful user experience on the mobile device," D'Aloisio said.

"There's a real opportunity there and we see Summly fitting perfectly into that model."

By CNBC.com's Matt Clinch

Featured

Contact Technology

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More
  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.