The Real Reason Yahoo Bought That Kid's Startup For $30M

H

HardOCP News

[H] News
Joined
Dec 31, 1969
Messages
0
For over a month, no one really knew why Yahoo spent $30 million on a seventeen year old kid's company that didn't even design or build the app it was selling. Business Insider has the answer (now the whole thing makes sense).

So why, exactly, did Yahoo buy Summly? We finally have an answer! Acquiring Summly seems to have been an almost incidental side effect of a deal Yahoo made with SRI for a piece of "summarization technology." A source tells us that Yahoo has "agreements in place" with SRI for "knowledge transfer," and the acquisition of IP, code, and technology.
Click to expand...
 
DejaWiz said:
CEO at 17, retired at 18. Nice.
Click to expand...
Not exactly hard to be a CEO when you create the company yourself ;)

That said, yeah it is nice...

"lets see I'm just fucking around with some code, got my friends 'employed' with me who also like programming ... doing some stuff, oh hey yahoo wants to buy me out for ... wait did that number end with the word million?? I'll take in 20 dollar bills please!"
 
Yahoo couldn't have hired a development team for 30M to make such an app?
 
-PK- said:
Yahoo couldn't have hired a development team for 30M to make such an app?
Click to expand...

Less then cost of development team to copy said app plus cost of litigation to reach agreement in copyright/DMCA lawsuit of said app?
 
You must log in or register to reply here.
Back
Top