Twitter announced on Tuesday that the social media company had agreed to undisclosed terms to acquire data partner Gnip.
Twitter has had Gnip analyze tweets over the last few years to glean useful advertiser and business data, reports PC World. During their partnership, Gnip has analyzed over 2.3 million tweets for businesses located worldwide.
Gnip combs through the "firehose" of 500 million daily tweets and looks for information or general feeling on a product which different companies might find useful as they seek to figure out new trends or views towards particular products and services.
Twitter wrote on its blog, "We want to make our data even more accessible, and the best way to do that is to work directly with our customers to get a better understanding of their needs."
The acquisition will allow Twitter to analyze data in-house and potentially increase revenue by providing better data and information to businesses, according to The Wall Street Journal. Last year, Twitter was able to make $70.3 million through data licensing, which accounted for 11 percent of the company's total income.
Twitter's snapping up of Gnip isn't too much of a surprise as more seek data analysis and resale. Apple bought Gnip rival company Topsy Labs Inc in 2013 for $200 million and Data Sift managed to secure $43 million in funding last year.