Summly, the company behind the concise news app for iOS created by teenage entrepreneur and Londoner Nick DAloisio, is being bought by Yahoo.

The Summly app will be taken out of the App Store today and the business is closing its doors but the technology will now be integrated into Yahoos mobile properties. The transaction is expected to close in Q2.

A post on Yahoos blog indicates how the company may sell the platform in as a solution for the publishers it works with. “The Summly technology provides a new approach to drive interest in stories and reach a generation of mobile users that want information on the go.” The app has been downloaded more than 750,000 times, DAloisio said in an interview, with 90m summaries read since the app was launched in November, although the company was not monetising its platform.

Speaking at the end of October, Yahoos Marissa Mayer said in her first speech as CEO that the search companys priority is to create a coherent mobile strategy after a lack of investment to date. “Our top priority is a focused and coherent mobile strategy, accelerating efforts to build a strong technology talent-base for mobile, of engineers, project managers and developers. As the world becomes increasingly mobile, the way we all consume content has dramatically shifted.”

The company had already raised $1.53m from Horizons Ventures, owned by one of Asias richest men, Li Ka-Shing and betaworks, as well as from a host of celebrity backers including Ashton Kutcher, Stephen Fry and Yoko Ono.

“When I founded Summly at 15, I would have never imagined being in this position so suddenly,” said DAloisio on his webiste. “I’d personally like to thank Li Ka-Shing and Horizons Ventures for having the foresight to back a teenager pursuing his dream.”

The California-based company paid almost $30m (£19.8m) for the app, according to the FT.