Our comments and trackback policy You Link We Follow, You Comment We Promote
Last week we reported a rumour about the potential deal of Twitter with Summize. Now the deal is confirmed and Twitter has bought Summize, though the exact amount is not yet disclosed. According to Silicon Alley Insider, the Northern Virginia based startup is bought for an approximate amount of $15 million. The amount is compensated with the ‘Twitter stock’ along with the cash. Twitter, which currently has no certain business model but do have a lot of problems, is now in a situation to fund M&A with equity.
According to Twitter’s blog:
We’re excited to announce that Twitter has acquired Summize—an extraordinary search tool and an amazing group of engineers.
With this deal, the Summize engineers will move to CA.
All five Summize engineers will move to San Francisco, CA and take jobs at Twitter, Inc. This is an important step forward in the evolution of Twitter as a service and as a company.
added the blog.
The newly bought Summize might also help the micro blogging service with their business model issue. The later thinks that it is gona do better with the new acquisition. Twitter’s conversational search engine is doing really well and its efforts have been appreciated the previous as:
Summize is a popular service for searching Twitter and keeping up with emerging trends in real-time. Like Twitter, Summize offers an API so other products and services can filter the constant queue of updates in a variety of ways. The Summize service and API will be merged with our own and integrated under the Twitter brand.
John Borthwick’s stats shows how much they have increased their number of queries per week.
The micro blog will be adding search and other related features very soon. For now Twitter has added search.twitter.com which is accessible without a Twitter account. Furthermore the blog reads:
There is an undeniable need to search, filter, and otherwise interact with the volumes of news and information being transmitted to Twitter every second. We will be adding search and its related features to the core offering of Twitter in the very near future.
