Palantir wins $99.6 million State Department contract

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Palantir wins $99.6 million State Department contract

Palantir Technologies Inc has won a contract to sell $99.6 million worth of software to the U.S. Department of State for monitoring the health of the diplomatic corps, the company told Reuters ahead of a Wednesday announcement.

The project would help the Bureau of Medical Services respond quicker to any health crises faced by the embassy staff and their families, according to the U.S. data analytics firm.

The bureau has sought software to record health incidents, predict risks, manage medical-evacuation missions and handle other tasks, according to a government document.

The news shows how Palantir is aiming to secure government deals beyond the military and intelligence work that is central to its business, even though analysts have said such opportunities are being delayed by U.S. budget scrutiny.

Last month, Palantir reported its first profitable quarter, during which sales grew faster on government business than revenue from the private sector due to economic uncertainty.

Palantir told the State Department that it already paid $10 million for the company as part of the purchase agreement, and it will book the remaining value over the next five years.

The deal continues a pilot dating back to 2021 and other State Department work since 2017, according to the Denver, Colorado-based company.