Yahoo Acquires Mobile News App Summly

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Yahoo has bought Summly, the mobile news reader app founded by a young British entrepreneur. In a statement, the London-based company said it had bought the tiny outfit, which will close its app. The price was not disclosed (although I will try to find out soon enough). 
But the company had been seeking additional funding recently at a big valuation, in stark contrast to its small size (less than one million downloads), staff (five) and business model (zero revenue). 

(Update: Sources tell me Yahoo paid just about $30 million for Summly, mostly in cash, with 10 percent in stock, for three employees.)

About Faisal Ebrahim

Tech enthusiast, IT & Cybersecurity consultant & Sales manager. I'm passionate about staying ahead of the curve on emerging technologies, including EVs, AI, robotics, and the metaverse. For over 15 years, I've explored and shared these innovations on my blog,

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