Palantir Wins $100M Deal With US State Department To Modernize Data Management

Palantir Technologies Inc PLTR bagged a $99.6 million five-year deal to modernize data management for the Bureau of Medical Services (MED).
Palantir software will be used by MED to establish a new enterprise data management platform for the department, titled Project Axiom.
The project will provide the Bureau with a common operational picture to better protect the diplomatic workforce and their families through data-informed decision-making.
More specifically, the platform will help improve the Bureau's ability to react swiftly to global crises by enabling emergency management and preparedness workflows, mission tracking and logistics, aviation operations, and medical support.
Palantir told Reuters the State Department has already paid the company $10 million as part of the purchase agreement, and it will book the remaining value over the next five years.
Palantir said the deal continues a pilot dating back to 2021 and other State Department work since 2017.
In February, Palantir reported its first profitable quarter, during which sales grew faster on government business rather than revenue from the private sector, partly due to economic uncertainty.
Price Action: PLTR shares traded higher by 0.85% at $8.35 in the premarket on the last check Wednesday.