Palantir and Hyundai Heavy Industries Will Form Big Data Platform in $25 Million Deal_老虎社区_美港股上老虎

Palantir and Hyundai Heavy Industries Will Form Big Data Platform in $25 Million Deal

Bloomberg2022-01-05

Long-term deal positions Palantir to grow commercial businessAgreement with South Korean company valued at $25 millionPalantir Technologies Inc. plans to build a new big data platform in partnership ...

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HermioneG
·2022-01-05
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Chief Operating Officer Shyam Sankar said the project represented a new model, allowing customers to only pay for what they use, and exercise more control over the process.Although Palantir raised its 2021 outlook, in its most recent earnigns report, the company produced slimmer-than-expected profit margins. It also failed to more quickly expand its client base from the U.S. government and its allies. Since the company announced its third-quarter results in November -- and disclosed more than a dozen new commercial clients that signed deals worth over $10 million -- its share price has fallen 25%.The Hyundai Heavy joint venture, like Palantir’s deal with International Business Machines Corp., expands Palantir’s sales team focused on commercial customers. The arrangement is not Palantir’s first push into South Korea -- it formed a strategic partnership with Doosan Infracore Co. two years before Hyundai acquired a stake in Doosan in 2021. 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