Yahoo Inc has purchased mobile news aggregator Summly. This is the latest move in a string of acquisitions made by the company to enhance its portal's web services.
Summly is a mobile app that sorts news by topics in small doses for smartphones. It was founded by Nick D' Aloisio, a seventeen year old high school student. The start-up dervies its news with News Corp and is supported by Li Ka-Shing, a Chinese angel investors and others such as Ashton Kutcher and Yoko Ono.
While the terms of the acquisition were not officially disclosed, it was reported in tech blog AllThingsD that Yahoo had shelled out US$30 million for the purchase. The technology blog cited anonymous sources.
With the purchase, Yahoo would shut down the Summly app but will integrate the natural language processing and machine learning technology of the company throughout Yahoo's online services especially in its mobile services.
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