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Palantir shares rose after announcement of partnership with IBM

10 February 2021
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2 min.
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Palantir shares rose after announcement of partnership with IBM

Partnerships between the companies

Palantir Technologies and IBM announced on Monday that as part of a partnership they will release Palantir for IBM Cloud Pak for Data software in March that will enable customers without technical skills to implement AI (artificial intelligence) functions for big data analysis. The product can be used in retail, finance, telecommunications, healthcare and other sectors.

Palantir Technologies and IBM on Monday announced a partnership in which the companies will join forces to provide clients with AI-enabled software products to help them improve applications and handle massive amounts of data in IBM's hybrid cloud.

The companies said the new service, called Palantir for IBM Cloud Pak for Data, will be available in March this year.

Palantir partnership

Palantir shares, up 203.45% in the last quarter, reacted with a 5.9% rise on Monday, continuing to rise after the close of trading.

The partnership with IBM could bring Palantir significant growth in large enterprise customers the companies have similar target audiences. Palantir will also gain access to IBM's sales team of more than 2,500 people, up from Palantir's current 30.

IBM partnership

IBM shares, down 19.4% over the past year, reacted less "violently" to the news on Monday, up 1.5%.

For IBM, the partnership with Palantir is an opportunity to expand its hybrid cloud and artificial intelligence technology services, as the company has long been trying to transition fully into this business and get rid of old and unprofitable divisions.

The joint product

The Palantir for IBM Cloud Pak for Data product is particularly relevant to businesses in industries managing huge volumes of data, where AI-powered applications can make more informed business decisions and automate results. This includes retail, financial services, manufacturing, healthcare and telecommunications.

Big data analytics capabilities will enable effective control of workflows, model and predict customer behaviour, solve critical problems and adapt more quickly to changes in supply and demand.

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