Was Yahoo Cheated By Summly In The Startup Deal?
Bangalore: CEO of Yahoo, Marissa Mayer is now concentrating on growing the company further with the acquisition of various small startups which include names like Stamped and Summly. The startups are being acquired for over millions of dollars.
Recently a startup ‘Summly’ was acquired for $30 million by Yahoo as it mainly dealt with providing smartphones with an app for news aggregation. The seventeen year old CEO, Nick D’Aloisio is a high school student from London who is the brain child of this startup. Though the startup has not managed to win many users it won a big deal unlike other startups in the same vertical.
Also, its technology was not built by its own employees but by an organization called the SRI International. Its app was built by a company called Somo, a mobile marketing agency in the U.K, reports yahoo.
"Basically, Nick developed the original code for Summly.", says a spokesperson at SRI, as reported by the business insider. Also, the outsourcing of the startup’s technology and app development is the work of the startup’s CEO.
Yahoo’s acquisition of Summly was mainly a part of a deal with SRI in exchange for summarization technology, what the CEO believes is "going to be huge for Yahoo", as reported by the business insider. "After the original product was built, SRI supported development of the technology and provided artificial intelligence expertise in machine learning and natural language processing."
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