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Twitter acquires search engine company Summize; launches Twitter Search

Micro blogging company Twitter has acquired Summize, a search engine which indexes Twitter messages. The deal size has been pegged at $15 million in stock and cash. Following the acquisition Twitter has launched Twitter Search. As part of the deal, five out of six Summize employees — all engineers — will join Twitter. Jay Virdy, CEO of Summize, is going to do something else.

Micro blogging company Twitter has acquired Summize, a search engine which indexes Twitter messages. The deal size has been pegged at $15 million in stock and cash. Following the acquisition Twitter has launched Twitter Search. As part of the deal, five out of six Summize employees — all engineers — will join Twitter. Jay Virdy, CEO of Summize, is going to do something else.

According to GigaOm, the deal is a good move by Twitter as it would help the company get hold of a business model. “Summize has come up with a clever way of peering through Twitter’s vast data stream and finding out what’s hot, where and how. The results are essentially keywords — topic-, person- or location-based — and thus can be used to show contextual advertising next to the pages that show these results. Summize has thereby developed an ability to monetize conversations without being intrusive.”

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