Palantir secures one-year extension of Army data management contract

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Takeaways

• Data analytics and artificial intelligence (AI) software company Palantir Techologies Inc. received a one-year extension to its contract with the U.S. Army for its program
• The company said the deal was valued at $115.04 million, below its previous four-year contract worth $458 million. million dollars.
• The agreement will see Palantir provide new AI-based capabilities and open platform infrastructure for the Army Vantage data platform.

Palantir Technologies Inc. (PLTR) shares rose Friday after the data analytics and artificial intelligence (AI) software company received a one-year extension to its current contract of four years with the United States Army, valued at $115.04 million.

The company said it will continue its work on the Army Vantage data management program in support of the Army's “goal of establishing a long-standing capability of Army Data Platform”. His previous deal was worth $458 million.

Palantir said it would provide Army Vantage with “new AI-based capabilities and open platform infrastructure.” He called the program “a cornerstone of the U.S. military’s transformation efforts to harness data as a strategic asset.”

Akash Jain, president of Palantir The U.S. government unit said the partnership gave the military “a decisive advantage in data-driven decision-making” and that the expansion “is proof of the value that we contribute to the defense of the nation. »

The price of shares of Palantir has tripled this year.

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Source: investopedia.com