M & A Law Prof Blog

Editor: Brian JM Quinn
Boston College Law School

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Wednesday, March 27, 2013

Summly? Wastely?

What's up with the Summly acqui-hire over at Yahoo!? (from BizInsider):

  • Summly never had many users or any revenues. Yahoo is shutting the app down. Yahoo is saying the point of the deal is to have Summly's CEO help lead the company in mobile.
  • But Summly's CEO lives in London, where he is staying to finish school
  • The CEO has only promised to stay at Yahoo for the next 18 months.  
  • The CEO is 17-years-old. We don't buy that he's going to be able to lead or inspire adult Yahoo engineers and designers.

If that's not bad enough:

Sirer writes: "Summly licensed its core technology from SRI, which, previously, spun out Siri and sold it to Apple.

Whaddya!?  Somehow, somewhere, there is arrare waste claim brewing in connection with this transaction...

-bjmq

http://lawprofessors.typepad.com/mergers/2013/03/summly-wastely.html

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