TweetMeme, the company behind the embeddable retweet button which was being used on more than 500k websites at the time, managed to attract a staggering 10 million monthly visitor in first 9 months of being operational.

CEO and founder Nick Halstead wrote in a blog post, “We are now in the process of shuttering TweetMeme.” “We will be sad to see TweetMeme go, but it is no longer competitive or cost effective for us to continue to keep the infrastructure going behind it,” he added.

Talking about the TweetMeme’s achievements he added, “For millions of users, it was a homepage that showed a truly democratized view of what was popular on the Internet. Many stories broke first on TweetMeme as we cared more about the virality of a story, rather than who was saying it.”

The company is going to concentrate on its social data platform – DataSift. The CEO revealed that DataSift will be taking center stage as TweetMeme rests. The new social data platform has managed to gain funding, users and an application ecosystem. “DataSift has now grown to over 10,000 users, offices in 4 cities, $14m in investment and an amazing ecosystem of applications built upon it,” Halstead wrote.