Summly: Yahoo! Buys Nick D'Aloisio's App

The teenage founder of news app Summly has said he is "more motivated" to develop other services despite already becoming a millionaire.

Nick D'Aloisio, 17, this week sold his app to web giant Yahoo! in a multimillion-pound deal. The exact value has not been disclosed.

The teenager's creation will end in its current form and instead be integrated into Yahoo!'s products.

"Longer term this whole journey has given me an appetite for starting companies, so I'd love to do it again," he told Sky News.

Summly pulls in news articles from online sources and uses an algorithm to identify key points, turning them into 400-character bite-sized summaries which can easily be read on mobile phones.

For now though, the London teenager says he's looking forward to becoming Yahoo!'s youngest employee - part of this week's deal sees Nick join the company.

"There's so much opportunity with what they're trying to do in the mobile ecosystem and what we were doing with Summly," he said.

Nick developed the app when he was 15 and it received investment from Hong Kong billionaire Li Ka Shing's Horizons Ventures, as well as some celebrity backing.

Stephen Fry, Yoko Ono and Ashton Kutcher all contributed to an investment of more than £1m.

"I thought of the idea after I revised for my history GCSE," said Nick. "There's so much information on the web (and) the question is can you do it algorithmically without a human."

The iPhone app launched in December 2012 and Summly worked with around 250 online publishers to make sure it worked smoothly with their content.

It has been downloaded nearly a million times.

The Wimbledon teenager said he taught himself basic programming at the age of 12 after he saw the chance to develop for the newly-released App Store.

He told Sky News that aspiring technology millionaires should stay determined if they have a concept they believe in.

"The real goal is to get it out there because if it's a great idea and you persevere it will get discovered.

"Investors are looking for new companies," says Nick.

And, despite becoming rich, he does not have any extravagant purchases planned.

"We (my family) will probably go out to dinner or something like that," he said.

"I'm getting maybe a new pair of trainers I think - I'll get something small like that as a memento."