Palantir Technologies (PLTR) - Get Report shares gained on Monday after the security and data analytics provider said it was selected by the National Nuclear Security Administration to provide its security platform and related services in a $89.9 million, five-year deal.
Under terms of the contract, the NNSA’s office of Safety, Infrastructure and Operations said it will use Palantir for “effective knowledge management and data-driven decision-making” as part of a bigger project on safety, analytics, forecasting, and evaluation reporting, also known as SAFER.
Specifically, Denver-based Palantir will configure a "common operating picture" that will integrate data and allow the NNSA to measure the health of safety programs and provide timely insights into data, NNSA said. It is Palantir's first contract with the NNSA.
“SAFER will help the NNSA in their mission to manage nuclear security by allowing it to best allocate its human and financial resources to prioritize safety,” the organization said in a statement, adding that the program will give NNSA staff the ability to track, trend, query, analyze, and visualize safety metrics from different nuclear sites.
"We are excited to expand our work within the U.S. government and provide the NNSA with a high-tech solution to make the best possible use of its resources in support of the Nation’s nuclear security missions," Palantir USG President Akash Jain said.
Established by Congress in 2000, NNSA is a semi-autonomous agency within the U.S. Department of Energy responsible for enhancing national security through the military application of nuclear science.
At last check, shares of Palantir jumped were up 4.12% at $24.02.