Internet giant Yahoo has paid millions of pounds
for a news app designed by a teenager from London, local media
reported on Monday.
The deal will make 17-year-old Nick D'Aloisio one of the world's youngest technology millionaires, according to the daily Evening Standard, although neither party to the deal would reveal the exact figure.
His app Summly, of which he created a first version two years ago and launched last year, summarizes online news stories and was at number nine in the free iPhone app chart in November.
D'Aloisio is also to start work for Yahoo, though he told the Standard that he hoped to finish school and go on to university.
"I started doing it as a hobby and I didn't realise it was possible to make money out of it," he said.
"I like shoes, I will buy a new pair of Nike trainers and I'll probably get a new computer but at the moment I just want to save and bank it. I don't have many living expenses," he said.
The app is to be removed from the app store but its technology used in future Yahoo products, D'Aloisio said on the Summly website.
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