Army Vantage Reaffirms Palantir Partnership for a Third Consecutive Year With $116M Agreement

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) has secured a $116.3 million contract extension with the U.S. Army for the Army Vantage program, enhancing data integration capabilities. This partnership aims to provide real-time visibility and improved decision-making by integrating over 30,000 data sets from 160 systems. This follows a previous $458 million agreement initiated in December 2019. The Army Vantage program has recently received recognition for its role in improving data-driven operations, underscoring its strategic importance.

Positive

• Secured $116.3 million contract extension for the Army Vantage program.
• Continued partnership with the U.S. Army since 2019 enhances Palantir's market position.
• Integrated over 30,000 unique data sets from 160 systems, improving decision-making capabilities.
• Recognition through the ACT-IAC Innovation Award for enhancing data-driven operations.

Negative

• None.

DENVER--(BUSINESS WIRE)-- Palantir Technologies Inc. (NYSE:PLTR) announced today that the U.S. Army’s Program Executive Office for Enterprise Information Systems (PEO EIS) opted to execute the second option year of its partnership with Palantir on the Army Vantage program, for $116.3 million for the year.

Army Vantage is powered by Palantir’s software, which provides a central operating system that enhances readiness and offers near real-time visibility and controlled access to disparate Army data sources on an integrated data platform. The Palantir platform enables organizations to make better use of the data they have by breaking down silos and offering a single operating picture for decision making.

In December 2019, the U.S. Army selected Palantir for a $458 million production agreement to power Army Vantage, a comprehensive data analytics platform to facilitate data-driven decision making. The contract was for a base year and three option years. Palantir was awarded $110 million at the time for the base year, and $113.8 million in December 2020 for the first option year.

The Army Vantage platform was established to enable users to make data driven decisions, allowing the Army to leverage its data as a strategic asset. Palantir’s continued partnership with the Army since the platform’s launch has helped generate and integrate over 30,000 unique data sets from over 160 distinct systems.

Over the last year, Army Vantage implemented an application to help command teams plan, avoid, and manage Soldiers’ risk behaviors, provided leaders with visibility into the Army’s COVID-19 inventory and Soldier immunization rates, and helped improve the Army’s process for weapons accountability. In May, Army Vantage received an American Council for Technology and Industry Advisory Council’s (ACT-IAC) Innovation Award for improving the Army’s data-driven operations.

“The Army Vantage program is the cornerstone of the Army’s ability to make data driven decisions across the force” said Doug Philippone, Global Defense Lead at Palantir Technologies. “This partnership reinforces what industry and government can do at speed to solve hard problems.”

About Palantir Technologies Inc.

Palantir Technologies Inc. builds and deploys operating systems for the modern enterprise. Additional information is available at https://www.palantir.com.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211217005100/en/

Lisa Gordon

media@palantir.com

Source: Palantir Technologies Inc.

FAQ

What is the recent contract value for Palantir Technologies with the U.S. Army?

Palantir Technologies has secured a $116.3 million contract extension with the U.S. Army for the Army Vantage program.

How has the Army Vantage program impacted Palantir's business?

The Army Vantage program has enabled Palantir to integrate over 30,000 data sets, enhancing decision-making for the U.S. Army.

What was the original value of the Army Vantage agreement with Palantir?

The original agreement for the Army Vantage program was valued at $458 million.

What recognition did the Army Vantage program receive?

The Army Vantage program received the ACT-IAC Innovation Award for improving the Army's data-driven operations.

When was the initial contract for Army Vantage awarded to Palantir?

The initial contract for Army Vantage was awarded in December 2019.