DENVER--(BUSINESS WIRE)--Palantir Technologies Inc. (NYSE: PLTR) today announced the extension of its pivotal partnership with the U.S. Army’s Program Executive Office for Enterprise Information Systems (PEO EIS) to continue operating and enhancing the Army Vantage data-driven operations and decision-making platform. This contract is a one-year continuation of our work in support of the U.S. Army’s objective to institute a long-standing Army Data Platform (ADP) capability. The total contract value, inclusive of options, is $115.04 million, with $97.35 million awarded and initial funding obligated in the amount of $35.6 million.
The Army Vantage program is a cornerstone in the U.S. Army’s transformative efforts to leverage data as a strategic asset, integrating data sources from within the Army and across the Department of Defense to provide a holistic, real-time operational enterprise data ecosystem.
Under the extended contract, Palantir will continue to provide its open data and analytics platform through continuous delivery to provide new AI-enabled capabilities and open platform infrastructure that promotes the program’s evolution to the Army Data Platform vision. This extension is a testament to Palantir’s continued success in empowering U.S. military decision-makers with actionable insights and advanced analytical capabilities through the delivery of a secure and open data environment.
“Palantir is honored to extend our work with the U.S. Army as it evolves into the Army Data Platform solution,” said Akash Jain, President of Palantir USG. “Building on our shared history of operational excellence and innovation, our partnership has consistently provided the Army with a decisive edge in data-driven decision-making. This extension is evidence of the value we bring to the nation’s defense, including our joint efforts to provide more commercial technology providers the opportunity to equip soldiers with the innovation they need to meet their most pressing challenges.”
Army Vantage is instrumental in optimizing readiness, training, logistics, talent management, and contract efficiency, while promoting data-driven approaches that provide Soldiers and other Army partner organizations access to the data and tools they need to serve their missions across the entire Army enterprise. Army Vantage integrates with the Army and Defense Department’s existing systems and capabilities, ensuring that critical data is accessible to commanders and decision-makers at all levels, and across a range of operational theaters and mission contexts whenever and wherever this information is needed. Throughout the program’s lifespan, Army Vantage has enabled the Army to recoup savings on over $700 million in additional de-obligated funds per year, amounting to nearly $4 billion since the program’s instantiation.
Over the next year, this partnership between Palantir and PEO EIS will continue to support the Army’s mission critical work and advance the program’s evolution to further enable the multi-vendor Army data ecosystem. With this open software infrastructure, the Army will be able to rapidly onboard and automate compliance for new software capabilities. Palantir continues to drive investment in this area through its FedStart program and Palantir Government Web Services initiative, which seek to enable the government’s vision of a big tent, multi-vendor ecosystem and a more resilient marketplace of commercial software entities supporting the mission of the Department of Defense.
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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.
