Palantir Technologies $PLTR Awarded $96 Million Contract From Department of Homeland Security

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Palantir $PLTR stock rose 3% in early trading on September 26, 2022, after the company announced that the Department of Homeland Security extended its contract.

Homeland Security Investigations Renews Partnership with Palantir for Case Management Software that Supports Investigations into Human Trafficking, Drug Smuggling, and Transnational Criminal Organizations

On September 26, 2022, Palantir Technologies Inc. (NYSE: PLTR) announced that the Department of Homeland Security renewed its contract to support Homeland Security Investigations (HSI) with Investigative Case Management (ICM) software. The contract is worth $95.9M over a five-year period.

Since 2011, Palantir has partnered with HSI to advance its mission of investigating and preventing transnational crime and high-level threats that exploit international trade, travel, and financial infrastructure. HSI’s core mission includes combating human trafficking and child exploitation, dismantling international drug trafficking organizations, disrupting cyber criminals, preventing identify and benefit fraud, and the investigation of international war crimes.

Investigative Case Management (ICM) is HSI’s System of Record across all HSI investigative cases and is used by HSI Special Agents, Criminal Analysts, and support personnel located in 225 cities across the nation and in embassies around the globe. In accordance with HSI’s enforcement authorities, ICM users document investigative activities leading up to the prosecution of criminal parties. HSI selected Palantir’s software for speed of delivery as well as the platform’s leading edge access controls and data protections to enforce critical security and privacy standards.

For example, the HSI team has used ICM to support the enforcement of sanctions on Russian oligarchs, the arrest of foreign mercenaries for the assassination of the former President of Haiti, and the arrest of key cartel leaders. Last year, HSI’s impact included 34,974 criminal arrests; seizure of 14,530 pounds of Fentanyl and $822 million worth of counterfeit and illicit goods; and the rescue or identification of 1,177 child exploitation victims.

“Every single day, HSI personnel use Palantir’s software to execute their mission of investigating and disrupting major criminal networks that threaten our national security and undermine our critical infrastructure,” said Akash Jain, President of Palantir USG. “The positive impact of this work is real and Palantir’s software plays a critical role in making it possible. We remain firmly committed to HSI’s mission and the Special Agents and Analysts driving this impact day in and out.”

Palantir Technologies and Hyundai Heavy Industries Group Grow Partnership to +$45M with Expansion into Shipbuilding

On September 20, 2022, Palantir Technologies announced a major expansion of its partnership with South Korea’s Hyundai Heavy Industries Group by bringing Palantir Foundry to additional companies within the conglomerate. Korea Shipbuilding & Offshore Engineering (KSOE) will utilize the Palantir Foundry operating system across its shipbuilding subsidiaries — Hyundai Heavy Industries Co, Hyundai Samho Heavy Industries, and Hyundai Mipo Dockyard — in order to advance the “Future of Shipyard” vision.

Teams across the shipbuilding subsidiaries will use Foundry to help them make better, data-driven decisions, focused especially on safety and operational efficiency. During the successful pilot phase, shipbuilding teams used Foundry to improve architectural design of ships, ensure quality on production lines, and bring the power of big data analysis to standard safety procedures.

This expansion, valued at $20M over 5 years, deepens Palantir’s partnership with Hyundai Heavy Industries Group and helps with the digital transformation of South Korea’s storied shipbuilders.

As announced in January, Foundry is already in use across Hyundai Oilbank for crude oil selection, daily refinery operations, and more. Hyundai Doosan Infracore, another HHI Group subsidiary, has been using Foundry since 2019 for process management, parts management, supply chain optimization, and more. These contracts are valued at over $25M, bringing the total of our contracts to over $45M over 5 years.

“We will change the way we work by working with Palantir Technologies,” said Taejin Lee, CDO of HHI Group. “We aim to enhance the competitiveness of our group by setting up an environment where we can make data-based decisions.”

Today’s announcement marks a significant step towards the formation of a joint venture. In January 2022, at an executive gathering at CES in Las Vegas, the two companies signed an agreement to establish a big data platform for use across the Group and in Hyundai Heavy’s core markets in both the public and private sectors.

“Hyundai Heavy is an industrial leader working at the leading edge of some of the most complex engineering challenges that we collectively face,” said Alexander C. Karp, co-founder and chief executive officer of Palantir Technologies Inc. “We could not be more enthusiastic about expanding our partnership and are actively working to extend access to our software across Hyundai Heavy’s operations, as well as the country’s commercial and government sectors.”

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