Nick D'Aloisio, 17, Sells Summly App to Yahoo for $30 Million

Summly Creator Nick D'Aloisio Sold App to Yahoo for $30 Million
Nick D'Aloisio
REX USA

updated 03/27/2013 at 11:30 AM EDT

originally published 03/27/2013 11:55AM

Nick D'Aloisio just went from being a very smart kid to a very rich kid.

After selling his app Summly to Yahoo for what's been reported as $30 million, D'Alosio, 17, is taking the tech world by storm.

Here's what you need to know about the whiz kid:

This isn't his first app. At just 12-years-old, D'Aloisio produced his first app called Fingermill, a treadmill for fingers. The tech wunderkind told Wired UK last year that it was "awful."



He was inspired by standardized tests. While studying for General Certificate of Secondary Education in history, D'Aloisio wanted to find a faster way to summarize all the content he was reading. He then developed Trimit, an app that summarized long texts into 140, 500 or 1,000 characters. After some tweaks, D'Aloisio turned his app into Summly, which could turn entire pages into a few important points.

A lot of big names are interested in D'Aloisio. Yahoo may be Summly's largest shareholder but the others are nothing to scoff at. Wendi Murdoch, Ashton Kutcher and Yoko Ono have all invested in the app, reports the New York Times.

He's about to be very rich. Although the New York Times reports that Yahoo declined to comment on the price they paid for Summly, technology blog AllThingsD says the company paid D'Aloisio $30 million and gave him a job at their London office.

He's still got to finish school. D'Aloisio is on sabbatical from King's College School in Wimbledon after stopping classes last year to concentrate on Summly. But while part of his Yahoo deal involves a position at the company, he told The Telegraph he's not turning his back on education. "Education is something that naturally interests me, so I'll be okay. If it doesn’t work out with school, I can go back when I'm 20 – or whenever,"” he said.

As for his parents being supportive of his decision to take a break from school, he said: "I talked about it with them and my headmaster and we decided it was a once-in-a-lifetime opportunity and it would be silly not to run with it. Now looking back, I can say it was a massive gamble. But a good gamble."



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