What is going on with PLTR?
Palantir (PLTR) stock rose today after its UK division was named by Crown Commercial Service, an executive agency of the British government, as the supplier of its Back Office Software (BOS) RM6194 Framework. Shares of PLTR increased 1.5% to $22.97 as of Thursday at 1:40pm.
What does this mean for Palantir?
The CCS's decision to make Palantir the supplier of its BOS software will be a huge boost to the company and will further expand its overseas footprint and presence within the United Kingdom. The BOS Framework is a new CCS framework designed to provide a route to market for organizations wishing to purchase software subscriptions and license support for back office systems direct from software vendors. Personnel who will utilize the software include all central government departments and all other public sector bodies, including local authorities, health, police, fire and rescue, education and devolved administrations.
The CCS is responsible for managing the procurement of common goods and services, increasing savings for the taxpayer by centralizing buying requirements, and leading on procurement policy on behalf of the government. Palantir has also recently assisted the NHS in their response to Covid-19, as well as helping the Cabinet Office and Ministry of Defense in the UK.
PLTR has an Overall Score of 23. Find out what this means to you and get the rest of the rankings on PLTR!
Palantir Technologies provides organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes. Founded in 2003, Palantir released its Gotham software platform in 2008, which focuses on the government intelligence and defense sectors. Palantir expanded into various commercial markets with its Foundry software platform in 2016 with the intent of becoming the data operating system for companies and industries. The Denver, Colorado company had 125 customers as of its IPO and roughly splits its revenue between commercial and government customers.
