Palantir Renews Digital Transformation Partnership with UniCredit for Another Five Years

Rhea-AI Summary

Palantir Technologies Inc. (PLTR) renews its partnership with UniCredit S.p.A to deploy the Palantir Foundry operating system, accelerating the bank’s digital transformation to increase revenue and mitigate risks. The partnership, first established in 2018, aims to streamline sales, operationalize machine learning and AI, enforce policy compliance, and enhance decision making. Palantir Foundry has been extended to all CE&EE UniCredit Legal Entities, driving process efficiencies and improving campaign management. UniCredit noted a four-fold increase in customer redemption of protection products through better targeting.

DENVER--(BUSINESS WIRE)-- Palantir Technologies Inc. (NYSE: PLTR), a leading provider of AI systems, today announced it had renewed its partnership with UniCredit S.p.A to deploy the Palantir Foundry operating system to accelerate the bank’s digital transformation and help increase revenue and mitigate risks.

Palantir and UniCredit first partnered in 2018 as the bank sought technology that could streamline sales spanning jurisdictions, better operationalize machine learning and artificial intelligence, enforce policy compliance, and enhance decision making on the front lines. The bank chose Palantir Foundry as the operating system for the enterprise, leveraging a single, open and integrated platform across entities and business lines and enabling synergies across the Group.

Palantir Foundry has recently been extended to all CE&EE UniCredit Legal Entities and will now be used to manage strategic use cases all over the Group.

In the last 5 years, Palantir Foundry has generated considerable value for both UniCredit’s control functions and its commercial banking operations, driving process efficiencies and improving campaign management. For example, UniCredit noted that over the course of 2023, advanced analytics and propensity models in Foundry helped the bank generate a four-fold increase in customer redemption of protection products through better targeting.

“Palantir has long been a proud partner to some of the world’s top financial institutions,” said Palantir executive Josh Harris. “We’re honored that UniCredit has placed its confidence in Palantir once again and look forward to furthering the bank’s digital transformation.”

About Palantir Technologies Inc.

Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may relate to, but are not limited to, Palantir’s expectations regarding the amount and terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms’ reliability; and our customer’s ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231212648086/en/

Lisa Gordon

media@palantir.com

Source: Palantir Technologies Inc.

What is the partnership between Palantir Technologies Inc. and UniCredit S.p.A about?

The partnership aims to deploy the Palantir Foundry operating system to accelerate the bank’s digital transformation, increase revenue, and mitigate risks.

When was the partnership first established between Palantir Technologies Inc. and UniCredit S.p.A?

The partnership was first established in 2018.

What is the impact of Palantir Foundry on UniCredit's operations?

Palantir Foundry has generated considerable value for UniCredit’s control functions and commercial banking operations, driving process efficiencies and improving campaign management.

What benefits did UniCredit note from the advanced analytics and propensity models in Palantir Foundry?

UniCredit noted a four-fold increase in customer redemption of protection products through better targeting.