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Palantir (NYSE: PLTR) and IBM (NYSE: IBM) today announced a major partnership. The deal will see IBM offer Palantir’s technologies as part of its cloud data services, and it could significantly expand the sales reach of the newly public data analytics company.
Palantir stock jumped 10% as the market opened today and closed with a gain of 5.9%. IBM’s stock market gains following the announcement were more subdued, with Big Blue’s share price rising 1.5% at the close.
Image source: Getty Images.
IBM is launching a new product offering that leverages Palantir’s Foundry analytics platform to complement its IBM Cloud Pak for Data, Watson and Red Hat OpenShift services. Big Blue aims to reinvent itself after its acquisition of Red Hat, and IBM’s senior vice president for software, cloud and data Rob Thomas believes partnerships like the one he has with Palantir will play a role. driving force for IBM Enterprise’s cloud and artificial intelligence. But it’s no surprise that the market is more excited about what the deal potentially means for Palantir.
Writing about the partnership’s announcement today, Bloomberg’s Lizette Chapman described the deal as giving Palantir access to a sales force of more than 2,500 people, a dramatic leap from its sales force. current of 30. Palantir has mainly focused on landing large companies also experimented with its product offerings and pricing levels in order to reach a wider audience. Teaming up with IBM will allow the company to reach a large base of potential customers who could use its data software services.
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