DENVER, Oct. 6, 2022 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced that it was selected by the U.S. Army Materiel Command (AMC) to support its prognostic and predictive maintenance and supply chain optimization efforts. AMC will utilize Palantir's software to support logistics in contested environments, improve equipment reliability, and advance supply chain optimization. The award totals $85.1 million over five years.
"We are excited to support the AMC's predictive maintenance and supply chain optimization efforts," said Akash Jain, President of Palantir USG. "Building upon our years of experience supporting the Army, we look forward to serving the logistics community and mission partners as they address such an essential aspect when operating in contested environments."
Palantir's software will be utilized to deploy an AI/ML capability that integrates high-volume maintenance, sensor, and supply data. Using a modular open systems architecture, this capability will provide a highly secured environment for AMC – and its mission partners – to develop, test, and deploy predictive maintenance models that can improve equipment availability and manage maintenance costs. AMC awarded the contract following an initial competitive prototype phase.
The system builds upon AMC's existing enterprise resource planning (ERP) and conditions-based maintenance (CBM) tools to provide a modernized operating capability that empowers users to take data-informed actions to more effectively leverage the Army's global assets.
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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.
SOURCE PALANTIR TECHNOLOGIES INC.