Palantir To Partner With Hyundai Heavy Industries For Big Data Platform

Data analytics firm Palantir Technologies Inc. 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.

See Also: How To Buy Palantir Technologies (PLTR) Stock

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.

Read Next: Jack Dorsey Effect? Cathie Wood Makes Massive Sales In Twitter In First 2 Days Of 2022

Posted In: DataHyundai Heavy IndustriesNewsTech

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.