Palantir Technologies Expands Japan Business with New $22.5 Million Contract

Rhea-AI Summary

Palantir Technologies (NYSE:PLTR) has secured a $22.5 million, one-year contract with SOMPO Holdings as of December 28, 2020. The partnership focuses on the 'Real Data Platform for Security, Health, and Wellbeing' aimed at enhancing healthcare and streamlining supply chains in Japan's evolving market. This initiative follows the establishment of Palantir Technologies Japan K.K. in 2019, targeting the digital transformation of various sectors, including healthcare, logistics, and government, across Japan.

Positive

• Secured a $22.5 million contract with SOMPO Holdings to enhance healthcare and security in Japan.
• The RDP aims to improve operational efficiency across multiple industries by utilizing real data.
• Palantir Japan has already supported elder care transformation with efficient care plans.

Negative

• None.

Palantir Technologies Inc. (NYSE:PLTR) announced today that on December 28, 2020, it was awarded a $22.5 million, one-year contract in partnership with SOMPO Holdings for the “Real Data Platform for Security, Health, and Wellbeing”. SOMPO’s visionary Real Data Platform, or “RDP” is a collaborative ecosystem between public and private sectors that will improve healthcare in Japan, streamline supply chains across industries, and increase security and resilience in the region.

In November 2019, SOMPO and Palantir jointly established Palantir Technologies Japan K.K., a technology company that would provide Palantir’s platforms and services in Japan. Already, Palantir Japan has actively supported elder care transformation, with active work across dozens of facilities to make care plans more efficient and effective and improve facility operations.

SOMPO’s RDP objectives will accelerate the digital transformation of Japanese commercial and governmental institutions, and create connected infrastructure across key industries. Japanese industries, ranging from healthcare to automotive to manufacturing, have generated a tremendous amount of “real data” over the past few decades. For example, Japan alone has more than 60,000 elder care facilities, each generating real data from suppliers, facilities, care plans, training programs, and more. The RDP, with SOMPO at the forefront, will serve as the connected infrastructure for this and other industries, including logistics, transportation, research, and government agencies.

Further updates on the RDP will be provided in a forthcoming joint press release between SOMPO and Palantir.

About Palantir Technologies Inc.

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 Palantir Technologies Japan K.K.

Co-founded by SOMPO Holdings, Inc. and Palantir Technologies Inc., Palantir Japan enables the digital transformation of Japanese government and commercial institutions by providing the Palantir Gotham and Palantir Foundry platforms and enabling the security of real operational data. For more information, please see https://www.palantir.com/japan or email japan@palantir.com.

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 in Japan. 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 and/or partner; the failure of our platforms to satisfy our customer and/or partner or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s and/or partner’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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210104005171/en/

FAQ

What is the significance of Palantir's contract with SOMPO Holdings?

Palantir secured a $22.5 million contract to enhance healthcare and supply chain security in Japan.

When was Palantir awarded the contract by SOMPO Holdings?

The contract was awarded on December 28, 2020.

What are the objectives of SOMPO's Real Data Platform?

The objectives include improving healthcare, streamlining supply chains, and enhancing security in Japan.

How is Palantir involved in the digital transformation of Japan?

Palantir Technologies Japan K.K. enables digital transformation through its platforms, focusing on various sectors.

What industries will the Real Data Platform impact?

The Real Data Platform will impact healthcare, logistics, transportation, research, and government sectors.