Palantir Technologies Inc. PLTR is in the sweet spot of the heightened interest in companies involved in digital transformation. This is reflected in a slew of partnerships the company recently disclosed.
What Happened: Palantir announced the renewal of a strategic partnership with Swiss media company Ringier to provide it with software to further its digital transformation and accelerate the shift to a digital-first global media company.
Ringier currently uses Palantir's Foundry software to use data to better serve and inform its readers. This, according to the media company, has helped expand its reach and enhance the relationship to its audience, which in turn has increased revenue potential.
Ringier also said it uses Foundry to improve performance in the advertising departments across its media brands.
Why It's Important: For Ringier, the enhanced partnership with Palantir will mean an increased thrust on its digital transformation plan, which it embraced more than a decade ago. The company is striving to shift away from a legacy newspaper business into a diversified, digital-first, global media company through significant investments in technology and skills.
"Palantir's world-leading integration technology enabled us to create a secure, comprehensive data foundation that enables experienced journalists to make more informed decisions about what content best serves their local communities," said Marc Walder, CEO of Ringier.
Palantir already has a strong footing in Europe, associating with Merck KGaA MKGAF and Airbus SE EADSY, and particularly in Switzerland, where it has an office in Zurich with plans to expand futher in the country
PLTR Price Action: Palantir shares were down 2.51% to $21.39.
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