Twitter has bought the new Search Engine Summize & integrated with one of the most popular Social Media Tool Twitter. The news was made official by Twitter CEO Jack Dorsey.

There is an undeniable need to search, filter, and otherwise interact with the volumes of news and information being transmitted to Twitter.

Summize will be integrated with Twitter updates & users can search through all the updates posted on Twitter. The acquisition cost Twitter about USD 15 million.

Twitter does not have a business model as such. Although Twitter has not revealed how acquiring Summize could help build a business model.

Having an integrated search engine like Summize could help Twitter benefit from understanding the millions of micro transactions by Twitter users. Summize could then display advertisements on the Twitter posts.

Summize is growing very fast in terms of popularity, In March 2008, the Summize Search Engine was processing 71,203 queries per week; in mid July 2008 it handled more than 14 million every week!

The chart is courtesy John Borthwick a major financial investor in Summize.

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