U.S. Coast Guard Renews Partnership with Palantir to Fight COVID-19

Rhea-AI Summary

Palantir Technologies announced the U.S. Coast Guard has extended its contract to use Palantir's software for pandemic response, originally started in April 2020. The renewal has a base value of $6.25 million with a potential total of $11.25 million over nine months. This software facilitates centralized collaboration, offering real-time data visibility for decision-making, including resource allocation for vaccines. Palantir has assisted over 100 organizations in pandemic-related operations, enhancing readiness within the Coast Guard.

Positive

• Contract renewal with the U.S. Coast Guard valued at $6.25 million, potentially $11.25 million.
• Palantir's software has been key in operational management of COVID-19 response.
• Continued collaboration supports resource allocation and operational efficiency.

Negative

• None.

Palantir Technologies Inc. (NYSE:PLTR) today announced the U.S. Coast Guard has extended its commitment to use Palantir’s software to help it respond to the COVID-19 pandemic.

The Coast Guard has been using Palantir’s software since April 2020 as the data management, analytics, and operations tool for its response to the pandemic. This contract renewal has a base value of $6.25 million and a potential total amount of $11.25 million for nine months.

Palantir’s software enables centralized collaboration of workspaces across the country, offering real-time visibility into critical data for Coast Guard members anywhere, across ranks, to make informed and risk-based decisions. The Coast Guard will continue to use Palantir to create a common operating picture and help determine resource allocation, including vaccines, to best respond to the pandemic and enhance readiness.

The Coast Guard announced on April 21 that it had fully vaccinated over 50% of its members since its vaccination campaign began only four months ago.

“Palantir is proud to help enhance Coast Guard readiness, and keep their staff and families safe. We look forward to continuing to provide the Coast Guard with the very best technology to help them ensure our Nation's maritime safety and security,” said Doug Philippone, Palantir’s Global Defense Lead.

Palantir has played a key role in mitigating the global COVID-19 pandemic, supporting more than 100 organizations in their response to the pandemic, including across the U.S. government and military. At the Coast Guard, Palantir's software has enabled operational management of the pandemic response, including collaborative logistics planning, vaccine distribution and inventory tracking, and centralized field reporting.

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.

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/20210506005437/en/

FAQ

What is the value of the Palantir contract with the U.S. Coast Guard?

The base value of the contract is $6.25 million, with a potential total of $11.25 million.

How long is the contract extension for Palantir with the U.S. Coast Guard?

The contract extension is for a duration of nine months.

Since when has the U.S. Coast Guard been using Palantir's software?

The U.S. Coast Guard has been using Palantir's software since April 2020.

What has Palantir's software contributed to the COVID-19 response for the Coast Guard?

It has enabled operational management, collaborative logistics planning, vaccine distribution, and centralized field reporting.

How many organizations has Palantir supported in pandemic response?

Palantir has supported more than 100 organizations in their pandemic response.