17-year-old Nick d'Aloisio reportedly sold Summly app to Yahoo for $30 million

The newest multi-millionaire in the tech world is a 17-year-old boy from London.

Nick d’Aloisio sold his top-selling mobile app, Summly, to search giant Yahoo.

Yahoo didn’t disclose how much it is paying for Summly, but British newspapers said the deal is worth $30 million.

The app works by condensing content so readers on mobile devices can scroll through information more quickly, which is useful for small screens.

d’Aloisio  said he dreamed up the idea for when he was studying for his exams.

Summly  has been downloaded about a million times since its launch last year.

“I would have never imagined being in this position so suddenly,” d’Aloisio wrote on his website, before thanking his family, his school and his venture capitalist backer, Li Ka-Shing, for supporting him.

The Summly deal is Yahoo’s fifth small acquisition in the past five months. All of them have been part of CEO Marissa Mayer’s effort to attract more engineers with expertise in building services for smartphones and tablet computers, an increasingly important area of technology that she believes the Internet company had been neglecting.