Yahoo! (NASDAQ: YHOO) is acquiring Summly, a mobile newsreader app.

The service curates from thousands of sources and create summaries of news items to make them easier to skim quickly. Summly won one of Apple's Best Apps of 2012 awards for its intuitive interface. "With over 90 million summaries read in just a few short months, this is just the beginning for our technology," Summly said in a statement announcing the Yahoo! acquisition. Summly's tagline currently is "pocket sized news for the iPhone." The app will soon be removed from the App Store following the acquisition.

Yahoo! recognizes the importance of quickly perusing articles on the go, which is why it is purchasing Summly for an undisclosed amount. Founder Nick D'Aloisio, 17, will be joining the company. D'Aloisio started Summly when he was just 15, out of his home in London.

Yahoo! said Summly's technology will soon be integrated into the search company's other mobile products. The transaction is expected to close in Q2.