Facebook has acquired a media-tracking startup called CrowdTangle. The news was announced by CrowdTangle on its website on Friday. The company describes itself as a platform which helps publishers to harness the power of social media to tell their stories.

Facebook said that it is looking to delve deeper into the service to let more publisher use its potential. CrowdTangle had earlier raised nearly $22 million from various investors including Betaworks. The startup will continue to play a leading role in developing its product. The company was founded in 2011.

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Facebook said that CrowdTangle is used by publishers to measure their performance on social media and to identify various influencers. "We are excited to work with CrowdTangle to deliver these, and more insights to more publishers," it added.

CrowdTangle relies on the performance of different posts and content to determine the efficacy of their content. The service provides its users with a dashboard. Users can see their own content as well as their competitors' content on the dashboard. The data shown on the dash board can be customized according to the requirements of the users.

Users can design their content according to the findings from their dashboard. It can be used to identify trending topics. CrowdTangle is now used by various big companies including Buzzfeed, The Washington Post, and Vox. Apart from publishing companies, the product is employed by businesses such as L'Oreal Paris.

CrowdTangle founders have expressed optimism that the partnership will help the platform grow more robust. Facebook did not disclose the financial details of the deal.