A 17-year-old has become a multi-millionaire after selling his app to Internet heavyweight Yahoo.

A-Level student Nick D’Aloisio from Wimbledon created Summly, an search engine summarising service, and has sold it for an estimated £18 million. The sum is split 90% in chas and 10% in Yahoo shares. Others have reported that the deal is worth even more, but no figures have been confirmed by either side.

Despite his turn of fortune, the 17-year-old has clarified that he wishes to stay in the UK to finish his studies, before he makes any further decisions about his future. ”I’ll be staying in London,” D’Aloisio said. “I want to finish my A-levels, and I couldn’t really live on my own out there.”

Nick’s mother Diana D’Aloisio is in shock over her son’s achievement and how he’s been able to secure such a lucrative sale.  ”I knew he was a little out of the box, but I didn’t expect it to happen all of a sudden like this,” Diana said. “From a young age he displayed abilities in technologies I frankly didn’t understand. He was doing 3D programming, and we bought him a book called ‘C Programming For Dummies’. My husband and I just used our computers for work, he was doing totally different stuff.”

His app, Summly, was launched in November and won one of Apple’s best apps of 2012 awards. It acts as a search engine to summarise news stories in enough words to fit a smartphone screen. It’s said that 90 million news stories have been summarised using the iOS app thus far. D’Aloisio began programming aged 12, just three years after he began using computers. Summly follows a string of apps that he’s launched in the past five years.

Thanks to the acquisition, D’Aloisio will work part-time at Yahoo’s Soho office, while studying towards his A-Levels for the remainder of his time.  Nick’s mother has stated that “He still wants to go to Oxford University.”