The terms of the deal were not disclosed but reports said the sum could amount to approximately $30m.
Launched in December 2011 by Nick D’Aloisio, Summly is a mobile product company which aimed to simplify the way people get information, making it faster, easier and more concise. It was backed by Ashton Kutcher, Betaworks, Brian Chesky, Hosain Rahman, Jessica Powell, Joanna Shields, Josh Kushner, Mark Pincus, Matt Mullenweg, Seb Bishop, Shakil Khan, Spencer Hyman, Stephen Fry, Troy Carter, Vivi Nevo, Yoko Ono and others.
The company, which is to remove Summly from the App Store today, expects its summarization technology will be soon integrated into multiple Yahoo! products.
The transaction is still subject to customary closing conditions and is expected to close in the second quarter of 2013.
25/03/2013: Yahoo! To Acquire Summly