Palantir and Akin Gump Collaborate on Legal Digital Service Platform

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) and Akin Gump have announced a collaboration to launch RegSpot, a legal digital services platform utilizing Palantir's Foundry software. This innovative tool aims to simplify compliance processes, particularly for U.S. government trade restrictions concerning military end use/users. The MEU Tool will enable clients to manage due diligence efficiently, enhancing compliance with regulatory requirements. This partnership marks a significant step for Palantir in expanding its Foundry software's application in the legal sector, aiming for additional offerings to address complex compliance needs.

Positive

• Launch of RegSpot enhances Palantir's application of Foundry in the legal sector.
• The MEU Tool facilitates compliance with U.S. trade restrictions, reducing human errors.
• Collaboration with Akin Gump leverages combined expertise to develop additional regulatory solutions.

Negative

• None.

Palantir Technologies Inc. (NYSE:PLTR) and Akin Gump Strauss Hauer & Feld LLP announced today they have collaborated to introduce Akin Gump’s RegSpot, a new legal digital services platform powered by Palantir’s Foundry software that will allow Akin Gump’s clients to access innovative solutions to meet their legal needs.

This collaboration marks a unique use of Palantir’s Foundry software in the legal industry. By leveraging Foundry’s world-class security functionalities, low-code interfaces and auditing features, RegSpot will enable end users to access novel, software-driven solutions to complex legal and compliance processes. Clients will be able to quickly manage previously complex and time-intensive compliance obligations using automated data solutions, while also securely collaborating with Akin Gump in a single decision-making platform.

“Palantir has a long track record of deploying technology to solve the world’s hardest problems,” said Palantir COO Shyam Sankar. “We are excited for another example of how our customers are able to configure SaaS offerings for their own customers on Foundry at remarkable speed.”

Palantir Foundry is currently used by other customers for compliance functionalities such as anti-money laundering regulation and fraud detection. Its built-in auditing and data protection features have made it particularly well suited to complex data environments with stringent security requirements. This is especially crucial in the legal world, where the strictest confidentiality is necessary.

The first RegSpot module that will be launched is an innovative tool built to support Akin Gump’s clients’ diligence efforts required to comply with U.S. government trade restrictions against certain transactions involving “military end use/users” in specified countries. This "MEU Tool, powered by Palantir," streamlines the due diligence process of collecting, reviewing, and storing information using the unique advantages of the Palantir Foundry platform, while leveraging Akin Gump’s capabilities to assess and respond to the legal risks posed by particular transactions.

“With the increasing complexities of U.S. export controls, companies face the daunting task of conducting sufficient due diligence to identify and respond to red flags,” stated Tom McCarthy, head of Akin Gump’s international trade practice. “The MEU Tool helps provide an auditable process that promotes consistency, reduces human errors, and serves as a recordkeeping tool to demonstrate a company’s compliance efforts. This function is critical as companies face increasing scrutiny from regulators in an ever-changing legal landscape.”

Palantir and Akin Gump will utilize their combined domain expertise and collaborate to develop additional offerings on RegSpot. Going forward, they plan to make additional offerings available on RegSpot, each addressing a unique, data-intensive compliance or regulatory need.

About Palantir Technologies

Palantir Technologies is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and nonprofit sectors transform the way they use their data. Additional information is available at https://www.palantir.com.

About Akin Gump

Akin Gump is a global law firm with more than 900 lawyers and advisors who pride themselves on dedication to their clients and their communities. With 20 offices worldwide, the firm is renowned for numerous market-leading practices, including its strengths in regulatory and compliance matters, particularly in the international trade arena. Akin Gump partners with clients from both established industries and cutting-edge markets to deliver creative solutions to business-critical issues, helping them seize opportunities and anticipate challenges. Driven by its forward-thinking leadership, the firm has built a strong culture of innovation and collaboration as well as a talented and diverse workforce committed to the success of clients and each other. Visit the firm at www.akingump.com, or follow Akin Gump on LinkedIn or Twitter.

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/20210218005215/en/

FAQ

What is RegSpot in relation to PLTR?

RegSpot is a legal digital services platform powered by Palantir's Foundry software, aimed at simplifying complex compliance processes.

How does Palantir's Foundry software benefit Akin Gump's clients?

Foundry provides security, low-code interfaces, and auditing features, allowing clients to manage compliance obligations efficiently.

What is the MEU Tool developed by Palantir for Akin Gump?

The MEU Tool is designed to assist clients in conducting due diligence to comply with U.S. government trade restrictions involving military end use/users.

When was the collaboration between Palantir and Akin Gump announced?

The collaboration was announced on the date of the press release, highlighting their joint efforts to introduce RegSpot.