Palantir Technologies and the Royal Navy Extend Contracts

LONDON--(BUSINESS WIRE)--Palantir Technologies Inc. (NYSE:PLTR) announced today the renewal of its contracts with the United Kingdom’s Royal Navy for its Palantir Foundry platform. Palantir’s software is used by the Royal Navy across a broad spectrum of areas from strategic workforce planning to supply chain management to the COVID-19 response.

Palantir is enabling naval personnel, as well as civilians and contractors, most without programming expertise, to access and engage with a curated, single source of truth. Users are empowered to run complex models to test scenarios to make better decisions, faster. The Royal Navy has developed its own digital skills and data expertise through its adoption of Foundry - a growing number of naval personnel are programming and building directly in Foundry, showcasing their growing self-sufficiency and new technical competence.

The renewed agreements will allow the Royal Navy to continue reaping the benefits of a more empowered workforce, whilst keeping tight control of security and privacy of its data, and full ownership of the logic behind its data model.

The investment the Royal Navy made in Foundry meant it was able to react quickly to the COVID-19 crisis early last year. It took the Royal Navy less than 48 hours to stand up a Recognised People Picture in Foundry using self-reported updates to inform leadership of the impact of the pandemic on its force. The Royal Navy is applying this new data-driven approach to ensure readiness of its strength, proactive alerting on equipment health and inventory risk, fully transparent and informed maintenance delivery, all combined to increase the availability of its forces.

The February 2021 edition of Navy News noted that Foundry had “allowed the Personnel and Training (P&T) organisation to establish 200 temporary units, tasks, and positions to support the Covid response: from drivers for semi-refrigerated trucks to engineers conducting maintenance tasks to Royal Navy medics supporting the government’s broader pandemic response, ensuring resilience to operations. Looking ahead, the development of a strength modelling process in Foundry will allow better understanding of the pandemic’s long-term impact on future force readiness. Strategic planners can model a variety of scenarios quickly and independently, so that they can make sure there are enough training courses and promotion opportunities for example, to help the Royal Navy continue to adapt to changing circumstances.”

“We are proud to be supporting the Royal Navy in its important mission and delighted to see the way in which it is using Foundry in support of the First Sea Lord’s objective to use technology and innovation, in a much bigger way than the Royal Navy has been to date, to drive everything it does” says Shyam Sankar, COO of Palantir.

About Palantir

Palantir Technologies Inc. is a software company that builds enterprise data platforms for use by organizations with complex and sensitive data environments. From building safer cars and planes, to discovering new drugs and combating terrorism, Palantir helps customers across the public, private, and non-profit sectors transform the way they use their data. Palantir has these ISO certifications: ISO 27001, ISO 27017, ISO 27018. Additional information is available at www.palantir.com.

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.