All Things D reports that Yahoo acquired the news-reading app Summly from a 17-year-old entrepreneur on Monday.
It was reported that the tech giant paid $30 million to Nick D’Aloisio for the London-based Apple smartphone app. Yahoo will shit down Summly and use the algorithmic technology that runs the mobile app.
It is reported that Yahoo acquired the startup as a PR move to enhance its rep as a “mobile-first” company that embraces the spirit of new-age entrepreneurs and to be on the bleeding-edge of the mobile era.
Said one person close to the deal, about the founder: “Nick will be a great person to put in front of the media and consumers with Mayer to make Yahoo seem like it is a place that loves both entrepreneurs and mobile experiences, which in turn will presumably attract others like him.”