Yahoo Acquires Summly

Posted: 3/25/2013
With the death of Google Reader around the block, viable alternatives are coming up. In one of our earlier posts, as we suggested that it is the best time for start-ups to capitalize on the opportunity following the death of the big fish!

Yahoo's CEO Marissa Meyer has added another feather in her cap. But this one seems to be a positive move unlike the 'work-from-home' fiasco.

Summly, a mobile news compiler created by the a British teen in 2012, has been acquired by Yahoo. This announcement adds a new tangent to the Yahoo's business line as announced last year, about going all mobile.

Taking a look back at the app's history, it was called as TrimIt, launched in 2011. The initial rage around the app, saw funds pouring in  a whopping £160,000 from Chinese billionaire Li Ka-Shing from Horizon Ventures as well as individual contributions from celebs like Stephen Fry, Yoko Ono and Ashton Kutcher. This influenced Nick to alter the app's interface to what became Summly. It currently deals with 250 online publishers that includes the infamous News Corporation of Rupert Murdoch fame.

The app's designer Nick D' Alosio, is quite content with the sell out. Rumors inform that Yahoo was on a look out to purchase some global companies to get a real time makeover to its fazing business. Topping the list of supposed sold outs was Youtube's French rival DailyMotion.

Summly will now be off the mobile stores and reappear in a new form under Yahoo's tutelage. The news condenser app basically caters to the changing perspective of people towards news. Rather than detailing the news stories, the app squeezed down the mass of the content into 350-400 words so as to enable people literally skim through the hot and happening stories.

While the closing amount on the deal is still undisclosed, the 17-year old could well be the youngest tech millionaires of the world this decade.

Here is a video starring the app developer talking all about his brain child.

Do let us know what your take is on the Google Reader phase out and the emergence of new features like these?

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