The four-year old firm provides insight into what consumers say about both TV programmes and advertisements.
According to the report, the deal is thought to be worth between $50m and $100m – more than last year’s $40m Tweetdeck purchase – and is considered a logical move as the micro-blogging site already organically marries social and TV.
For instance, this week’s Superbowl saw Twitter mentioned in 50% of national TV commercials aired during the event, compared to Facebook mentioned just 8% whilst Google+ received no mentions.
Twitter has already expressed interest in the social TV analytics space, having signed a deal with Nielsen at the end of 2012 to produce the first-ever social TV ratings.
UPDATE: Twitter has confirmed the purchase of Bluefin Labs. In a blog post, the micro-blogging site said it intends to honor existing Bluefin customer contracts but will not continue to sell Bluefin’s product suite beyond the existing contracts.
Twitter said: "This acquisition reflects our commitment to the social TV market, and builds on our exclusive partnership with Nielsen announced in December to develop the Nielsen Twitter TV Rating, the centerpiece of social TV measurement based on Nielsen’s SocialGuide platform.
"We plan to collaborate closely with Nielsen and SocialGuide on product development and research to help brands, agencies, and networks fully understand the combined value of Twitter and TV."