Palantir lands multimillion-dollar deal to expand Maven intelligence system across U.S. Army, Air Force, Space Force and Navy

Palantir Technologies Inc. (NYSE:PLTR) shares are trading lower in Friday's pre-market session.

The company announced a contract awarded by the Army Research Laboratory (ARL) DEVCOM that expands access to the Maven Intelligent System to all military branches, including the U.S. Army, Air Force, Space Force, Navy, and Marine Corps.

This fixed-price contract totals $99.804 million over five years and streamlines the process for services to use existing features of the Maven intelligent system. The Maven intelligent system is part of the National Geospatial-Intelligence Agency’s Maven AI framework.

“To stay ahead of our adversaries, we must deliver software advantages quickly and at every level of the Department of Defense,” said Shannon Clark, director of Defense Growth at Palantir.

Read also: Palantir co-founder Joe Lonsdale backs Elon Musk's acquisition of Twitter, saying that if he hadn't bought it, “the entire West would be under ten times more threat”

According to the latest development, Palantir’s platform will enhance battlespace awareness through artificial intelligence and support global integration, force management, logistics, and joint targeting workflows to improve interoperability and military readiness.

“This contract vehicle will allow each military department to leverage the innovation that the Office of the Secretary of Defense and NGA have created through Maven to accelerate their own CJADC2 programs,” said Akash Jain, president of Palantir USG.

According Benzinga ProPLTR stock has gained more than 149% over the past year. Investors can gain exposure to the stock through REX AI Equity Premium Income ETF (NASDAQ:AIPI) and Global X Funds Global X Defense Tech ETF (NYSE:SHLD).

Price Action: PLTR shares are trading down 2.39% at $35.95 pre-market at last check on Friday.

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This article Palantir lands multimillion-dollar deal to expand Maven intelligence system across U.S. Army, Air Force, Space Force and Navy Originally appeared in Benzinga.com

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