Yahoo in its effort to gain back some footing against its bigger competitors is continuing a shopping spree put in motion by Marissa Mayer, the company's CEO. Her latest acquisition is a mobile app called Summly which works to condense content so that readers can scroll through quickly on their phones. But forget all that. The bigger part of this story is about the rumored price Yahoo paid for the app making the app's founder 17 year old Nick D'Aloisio an instant millionaire. Must have been quite a bit because the British teenager is shocked this is even happening to him.
"I would have never imagined being in this position so suddenly,"he wrote on his personal website.
The deal announced Monday is Yahoo's fifth small acquisition in the
past five months. All of them have been part of CEO Marissa Mayer's
effort to attract more engineers with expertise in building services for
smartphones and tablet computers, an increasingly important area of
technology that she believes the Internet company had been neglecting. Although the Yahoo acquisition won't close until later this spring,
D'Aloisio said the Summly will no longer be available. Summly's
technology will return in other Yahoo products, he said.
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