The app itself, which summarises news stories from popular media companies will now close, but its features will be used in mobile products at Yahoo, where Mr D’Aloisio has been given a job.
He will be joined by several of Summly’s “top staff” in new roles at Yahoo in the next few weeks.
The app launched when Mr D’Aloisio was aged just 15, and soon attracted more than £1m of investment.
Neither company would disclose the terms of the deal publicly.
In a note on the Summly blog, Mr D’Aloisio wrote on Monday: “When I founded Summly at 15, I would have never imagined being in this position so suddenly.
“I’d personally like to thank Li Ka-Shing and Horizons Ventures for having the foresight to back a teenager pursuing his dream. Also to our investors, advisers and of course the fantastic team for believing in the potential of Summly.
“Without you all, this never would have been possible. I’d also like to thank my family, friends and school for supporting me.”
Yahoo’s senior vice president of mobile, Adam Cahan, said the company was “excited” to have Mr D’Aloisio and his colleagues on board.
“For publishers, 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,” he wrote.