Palantir Selected to Deliver Prototype for Army’s Ground Station Modernization

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) has been selected to deliver a prototype for the Army’s Ground Station modernization as part of the Tactical Intelligence Targeting Access Node (TITAN) program. The initial contract is valued at $8.5 million, with a potential total value of $250 million over four phases. Collaborating with the Army, Palantir aims to create a ground station prototype that integrates various data sources for military targeting operations. The results from this phase will influence future contracts and production efforts for the TITAN program.

Positive

• Awarded $8.5 million contract for Army Ground Station modernization.
• Potential total contract value of $250 million over four phases.
• Development of a prototype leveraging advanced data integration for military operations.

Negative

• None.

Palantir Technologies Inc. (NYSE:PLTR) announced today the Army (PEO IEW&S) down-selected it to deliver a prototype for the first phase of the Army’s Ground Station modernization in support of the Army’s Tactical Intelligence Targeting Access Node (TITAN) program.

The contract value for this phase is $8.5 million, with a potential contract value of approximately $250 million over all 4 phases. Palantir was awarded a Phase 1 Project Agreement through an Other Transaction Agreement (OTA) with Consortium Management Group, Inc. (CMG) on behalf of Consortium for Command, Control and Communications in Cyberspace (C5).

During the first phase of the effort, Palantir will collaborate with the Army to design and demonstrate the ground station prototype solution for the Army’s TITAN program. The Palantir solution will leverage space, high altitude, aerial, terrestrial sensors and data sources for use in intelligence and military targeting operations. It will field a “turn key” solution for the Army that integrates data from a variety of sources including commercial and classified sources from space to ground sensors.

The results of the first phase of this competitive contract will be used by the Army to inform awarding of future phases and eventual production of the ground station for the TITAN enterprise.

“Palantir’s products were built for just this purpose,” said Doug Philippone, Palantir’s Global Defense lead. “Operators down range need shortened targeting timelines when dealing with near peer threats, and our existing programs create the perfect operating system to accelerate decision-making.”

This ground station modernization effort will field a globally distributed intelligence enterprise to meet the challenge of Joint All-Domain Operations against near peer threats. The overall solution will incorporate data integration, fusion, processing, and analytic capabilities using AI and ML to automate and assist the Army in shortening sensor-to-shooter timeline. This system will provide a comprehensive deployable edge solution to counter global threats in challenging and austere environments to support intelligence and targeting.

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 CMG

The mission of Consortium Management Group, Inc. on behalf of Consortium for Command, Control, and Communications in Cyberspace (C5) is to speed development of technologies to improve U.S. Government capabilities required to sustain U.S. military supremacy in weapon systems information technologies.

For more information on CMG and its uniquely rapid, cost-effective and collaborative acquisition vehicle for companies, nonprofits and academic organizations seeking to do business with the Federal Government, contact Mary Reinecke at mary@cmgcorp.org, 202-466-4211.

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 its 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 or partnership. 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.

Effort sponsored by the U.S. Government under Other Transaction number W15QKN-17-9-5555 between the Consortium Management Group, Inc., and the Government. The U.S. Government is authorized to reproduce and distribute reprints for Governmental purposes notwithstanding any copyright notation thereon.

The views and conclusions contained herein are those of the authors and should not be interpreted as necessarily representing the official policies or endorsements, either expressed or implied, of the U.S. Government.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210113005276/en/

FAQ

What is the value of the contract awarded to Palantir for the Army's Ground Station modernization?

The initial contract value is $8.5 million, with a potential total of approximately $250 million over four phases.

What program is Palantir supporting with its new contract?

Palantir is supporting the Army’s Tactical Intelligence Targeting Access Node (TITAN) program.

What will Palantir's prototype for the Army include?

The prototype will integrate data from various sources, including commercial and classified sensor data, to enhance military targeting operations.

How will the results of the first phase impact future contracts for Palantir?

The results will inform the Army's decisions on awarding future phases and producing ground stations for the TITAN enterprise.

Who awarded the contract to Palantir?

The contract was awarded through an Other Transaction Agreement with Consortium Management Group, Inc. on behalf of the Consortium for Command, Control and Communications in Cyberspace.