British teenage Internet entrepreneur strikes deal with Yahoo

culled from Punchnews

One of Britain’s youngest Internet entrepreneurs has hit the jackpot after selling his top-selling mobile application Summly to search giant Yahoo, Associated Press reported on Tuesday.

Seventeen-year-old Nick d’Aloisio, who dreamed up the idea for the content-shortening program when he was studying for his exams, said he was surprised by the deal. As with its other recent acquisitions, Yahoo didn’t disclose how much it is paying for Summly, although British newspapers suggested the deal’s value at several million dollars.

“I would have never imagined being in this position so suddenly,” he wrote on his website, before thanking his family, his school — and his venture capitalist backer Li Ka-Shing — for supporting him.Read more