Palantir Technologies Inc. (NYSE: PLTR) stock soared in the pre-market session after the report that the U.S. Army’s Program Executive Office for Enterprise Information Systems (PEO EIS) has finalized a deal with Palantir for a second year as part of the Army Vantage program, for a total estimated price tag of $113.8 million for the year.
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Palantir was awarded a $458 million production deal with the U.S. Army in December 2019 to power Army Vantage, a data-driven decision-making platform. A base year and three option years were included in the deal, and Palantir’sPalantir’s base year contract was worth $110 million. The Army selected Palantir under a competitive prototype model and collaborated with Palantir to develop Army Vantage, brought into production quickly.
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Powered by Palantir software, Vantage provides a central operating system to enhance readiness and provide near real-time visibility to disparate Army data sources. Organizations can use the Palantir platform to break down silos and create a single operating picture by taking advantage of the data they already have.
Army Vantage’sVantage’s data-driven approach allowed the Army last year to fight COVID-19 and free up billions of taxpayer dollars for high priority projects. Army Vantage, a data analytics tool accessible across the Army, won a Public Sector Government Innovation Award in November.