Summly Sold to Yahoo!, Summly App Retired
Article by George Norman
On 26 Mar 2013
Yahoo! will reportedly pay $30 million to acquire Summly, the company behind the very useful Summly gesture-based news reader app for iOS. The app, unfortunately, will be retired.

Summly, company founded by Nick D’Aloisio when he was 15, has entered into an agreement with Yahoo!. and as part of the agreement, Yahoo! will acquire Summly – the transaction is subject to customary closing conditions and is expected to close in Q2. Also as part of the agreement, Nick and the Summly team will join Yahoo!, the Summly technology will be integrated into Yahoo!’s products, and the Summly app will be retired.

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Yahoo! did not disclose how much it paid to acquire Summly. But rumor on the web has it that the acquisition cost Yahoo! a grand total of $30 million, divided into 90% cash and 10% stock.

“Today, we’re excited to share that we’re acquiring Summly, a mobile product company founded with a vision to simplify the way we get information, making it faster, easier and more concise,” announced Adam Cahan, SVP of Mobile and Emerging Products at Yahoo! “Mobile devices are at the center of how we engage with the people, experiences and interests we love. Across Yahoo!, we’re focused on creating beautiful experiences that people are excited to use every day -- products that inspire and delight. We can’t wait to work with Nick and the Summly team to do just that,” Cahan added.

“I am delighted to announce Summly has signed an agreement to be acquired by Yahoo!. Our vision is to simplify how we get information and we are thrilled to continue this mission with Yahoo!'s global scale and expertise. After spending some time on campus, I discovered that Yahoo! has an inspirational goal to make people's daily routines entertaining and meaningful, and mobile will be a central part of that vision. For us, it's the perfect fit,” announced Nick D’Aloisio on the official Summly website.




Tags: Yahoo!, Summly, Apple, App Store, iOS, app, acquisition
About the author: George Norman
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