Data analytics firm Palantir Technologies Inc. (NYSE: PLTR) and South Korea’s Hyundai Heavy Industries Group (HHI) would establish a big data platform for HHI Group’s core businesses.
What Happened: HHI Group said that the company and Palantir will jointly build a big data platform for the group’s key affiliates related to shipbuilding, offshore engineering, energy and industrial machinery processes.
HHI Group will provide the affiliates’ process expertise as well as sales know-how, while Palantir will offer its data analysis software and development personnel.
The two companies also decided to consider establishing a joint venture to promote the big data platform business in the mid-to-long term. The joint venture will commercialize big data solutions to generate sales targeting domestic and foreign companies.
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Why It Matters: HHI Group said it expects the partnership with Palantir to substantially improve the competitiveness of its core businesses.
The partnership with HHI Group could enable Palantir to expand its commercial business outside the United States.
Palantir released its Gotham software platform in 2008, which focuses on the government intelligence and defense sectors. The company, co-founded by Peter Thiel, expanded into various commercial markets with its Foundry software platform in 2016.
In November, Palantir announced third-quarter results and reported revenue growth of 36% year-over-year to $392 million. The company also said it added 34 net new customers in the quarter.
Price Action: Palantir Technologies closed 1.9% lower in Tuesday’s regular trading session at $18.17.
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