Twitter stocks up two percent post social data provider Gnip buy

Twitter has acquired Gnip, which is a leading provider of social data.

Gnip, which was founded in 2008, focuses on collecting, organizing, and sharing social data.

Twitter said it would use the technology to provide better data to developers and businesses.

The micro-blogging site announced that the move will help it provide 'more sophisticated data sets and better data enrichments' for use by developers and businesses, CNET reports.

According to the report, Twitter will also use that data to enhance its appeal to brands and companies to satisfy shareholders calling on the company to find ways to boost revenue.

Twitter's shares rose to up to 91 cents, or 2.2 percent, to 41.78 dollars, following the Gnip acquisition announcement, the report added.

Gnip was Twitter's first data-collection partner. Gnip claims to have processed 2.3 trillion tweets since its founding. Twitter itself delivers more than 500 million tweets per day.