The news follows sporadic rumors that were accompanied by both shaky confirmations and shaky denials. An under-the-radar blogger, Josh Chandler, reported the news first; GigaOM's Om Malik was the first big name to "confirm" it.
Some logistics, as reported by TechCrunch: five of Summize's six employees will become Twitter employees, minus founder Jay Verdy, who will depart the company for "a new project." Naturally, no one's naming numbers--though the Silicon Alley Insider puts it at around $15 million. The transaction was, reportedly, mostly in stock.
So what does this mean? Basically, that Twitter won't have to build its own search engine. Simple enough.
This post was updated at 10:27 a.m. PT.