It was a bit of a shock earlier this month when TwitPic announced it would be closing its virtual doors on September 25th. All seemed lost, but now a ray of sunshine has burst through the gloomy image hosting clouds. TwitPic is being acquired by an unnamed party and will live on. Crisis averted.

TwitPic was one of the first Twitter-specific image hosting services, but as with so many features, Twitter eventually launched its own version. TwitPic filed for a trademark on its name back in 2009, but only recently did Twitter officially oppose it. Rather than go to the expense of fighting for its brand identity, the founder decided to throw in the towel.

There are no details on who scooped up the image hosting service, but this is undoubtedly good news. TwitPic hosts a ton of images that are linked all over the web. Having all those links go dead would have been a bummer. More details should be incoming soon.