TechCrunch reports that IAC-owned local media and advertising property CityGrid Media is acquiring its own social media monitoring and sentiment analysis platform, BuzzLabs.Financial terms of the deal were not disclosed.

This news comes after Salesforce picked up Radian6 a few weeks ago for$326 million and Walmart bought Kosmix as well.

Seattle-based BuzzLabs, which was co-founded in 2009, allows publishers to leverage social content, keeps consumers better informed, and helps local businesses monitor their presence across the web. BuzzLabs’ dashboard for businesses dashboard aggregates social media activity into one location, allowing companies to track mentions, Tweets, reviews and more across the web.

The social monitoring industry is swamped with solution in a wide range of service levels and prices. Our own service, BUZZ HUNTER, research and analysis derived from the analysis of conversations in the social web, relays on the capability to filter and analyze millions of daily posts, generate deep reporting and identify trends and ideas. Our partners, tra.cx has built an amazing platform which enables us to do a lot more in a shorter time. With a system as flexible as tracx, we discover new ways to slice the endless data and gain more insight for our clients, almost everyday.

The demand for visibility into what the conversation in the market is soaring and the ability to navigate through the endless stream of status updates, thoughts, hopes and urges has become a great strength.

Our experience is that the technology for monitoring buzz, by itself is merely enough. The majority of our clients and potential clients can not allocate the necessary resources to fully benefit form the capabilities of a strong monitoring platform. BUZZ HUNTER fills this gap, like a one stop shop- from helping you to define your goals and all the way to providing you insights, conclusions and actionable recommendations. All based on historic as well as realtime data mined  in the social web.