Seventeen-year-old Nick D'Aloisio is taking some time off from school in London, where he lives with his parents. He will let mom and dad help manage his money.
Those are the decisions of a newly minted teenage millionaire.
Mr. D'Aloisio has sold the free newsreader app he began developing at age 15 to Yahoo Inc., which announced on Monday it bought Summly without disclosing a price. A person familiar with the situation said Yahoo paid tens of millions of dollars for the company.
Not bad for a team that will bring just two other employees to Yahoo and generates no revenue.
Plenty of teenage entrepreneurs have built companies that later have success, but very few strike it rich so quickly.
Yahoo was attracted to Summly's core technology for automatically summarizing news articles. The technology, which included an algorithm for deriving the summaries, was created with help from SRI International, a Silicon Valley research-and development firm that has an artificial-intelligence lab and has an ownership stake in the startup.
Behind the app was Mr. D'Aloisio, who taught himself how to create computer programs at age 12, and previously created several apps, including Facemood, which analyzed a person's Facebook account to determine their mood, and a service that helps people discover new music.
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