Palantir Technologies Inc PLTR shares are trading higher Wednesday after the data software company announced an expansion of its partnership with Microsoft Corp MSFT.
What Happened: Palantir announced that Palantir Federal Cloud Service achieved FedRAMP authorization to support workloads at U.S. Department of Defense (DoD) Impact Level 4 and 5 on Microsoft's Azure.
The milestone represents an expansion of the strategic partnership between Palantir and Microsoft from the private sector to the public sector. The companies said they aim to support DoD Impact level 6 through multi-cloud service integration.
"Leveraging lessons from our partnership in the commercial sector, we are looking forward to delivering innovation on behalf of the most important US Government missions on an accelerated timeframe. Today's announcement represents an inflection point in our partnership that will benefit our public sector stakeholders," said Akash Jain, president of Palantir USG.
See Also: This Is What Whales Are Betting On Palantir Technologies
PLTR Price Action: Palantir has a 52-week high of $14.85 and a 52-week low of $5.84.
The stock was up 5.03% at $8.77 at time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
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