Palantir To Help Ukraine's Army Resist Russian Invasion, CEO Meets Zelenskyy

Data analytics company Palantir Technologies, Inc. PLTR has pledged support to help war-torn Ukraine as it continues to fight the ongoing Russian invasion.

What Happened: Palantir CEO Alex Karp visited Ukraine on Thursday and met President Volodymyr Zelenskyy, vice premier and Minister of Digital Transformation Mykhailo Fedorov said in a tweet.

The two parties have agreed to open Palantir's office in Ukraine. 

The U.S. tech company promised to extend digital support to Ukraine's arm, saying in a tweet that it discussed the ongoing war in Ukraine and the pivotal role of software to security.

We are honored to have met with @ZelenskyyUa, @FedorovMykhailo and other officials in Kyiv today to discuss the ongoing war in Ukraine, and the pivotal role of software to Western security. https://t.co/VszDMwjxwq

— Palantir (@PalantirTech) June 2, 2022

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Why It's Important: Karp is the first corporate CEO to visit Ukraine since the onset of the war. Even before his visit, Palantir had declared its support for Ukraine and other eastern European nations affected by the war. 

"Every product and capability has been employed by our customers to support mission outcomes for Ukraine – and across Poland, Lithuania, and other nations to power refugee relief," the company said in its first-quarter business update. 

Palantir, co-founded in 2003 by billionaire investor Peter Thiel, provides data analytics to defense and intelligence agencies and governments to help them with national security, surveillance, and other things. It also serves corporate customers. 

Palantir's technology has been in use in Ukraine, the U.S., and some NATO countries since the beginning of the conflict three months ago, Bloomberg reported, citing a person familiar with the company. 

Price Action: Palantir closed Thursday's session 9.93% higher at $9.30, according to  Benzinga Pro data.