The last week rumors that Twitter acquired Summize finally proved to be correct. Microblogging website Twitter has indeed bought the Summize search engine, confirmed Evan Williams, co-founder of Twitter. Though the size of the transaction was not revealed, it is known that the transaction price was mostly paid in stock, and is stated to be around $15 million.

Moreover, Twitter has also recruited 5 out of the 6 Summize employees, with founder and CEO Jay Verdy moving on to a fresh project. The 5 employees, who are known to be engineers, would add to the already existing group of 12 engineers currently associated with Twitter. Greg Pass, Summize CTO will become Twitter’s to tech guy with the position of Engineering and Ops Director.

Evan Williams, co-founder of Twitter, stated that the deal had been discussed for some time, and that the two companies had a term sheet in place while Twitter collaborated with Summize previous month to assist them keep Twitter platform steady during the Apple iPhone 3G Steve Jobs keynote. Eventually, last week saw the close of the deal.

Along with taking over Summize, Twitter also introduced its own search engine at search.twitter.com simultaneously, which has the same appearance, feel, and functionality of Summize, though with Twitter’s brand attached to it.

Primarily, Twitter might be able to overcome problems regarding its business model platform. Secondly, this deal has certainly strengthened Twitter’s stand in the market, allowing it to become a potential business on the Web.