Palantir Technologies Inc. (NYSE:PLTR) shares are trading lower in the premarket session on Friday.

The company announced a contract granted by the DEVCOM Army Research Laboratory (ARL) that broadens Maven Smart System access across military branches, including the Army, Air Force, Space Force, Navy, and U.S. Marine Corps.

This firm-fixed price contract totals up to $99.804 million over five years and streamlines the process for services to utilize the existing features of the Maven Smart System. Maven Smart System is part of the National Geospatial-Intelligence Agency’s Maven AI framework.

“To stay ahead of our adversaries, we must deliver software advantage at speed and at every level of the Department of Defense,” said Shannon Clark, Head of Defense Growth, Palantir.

Also Read: Palantir Co-Founder Joe Lonsdale Backs Elon Musk’s Twitter Acquisition, Saying If He Had Not Bought It Then ‘The Entire West Would Be At 10x The Threat’

Under the latest development, Palantir’s platform will enhance AI-enabled battlespace awareness and support global integration, force management, logistics, and joint targeting workflows to improve military interoperability and readiness.

“This contract vehicle will allow every military department to tap into the innovation that the Office of Secretary of Defense and NGA have created through Maven to accelerate their own CJADC2 programs,” said Akash Jain, President of Palantir USG.

According to Benzinga Pro, PLTR stock has gained over 149% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF (NASDAQ:AIPI) and Global X Funds Global X Defense Tech ETF(NYSE:SHLD).

Price Action: PLTR shares are trading lower by 2.39% to $35.95 premarket at last check Friday.

Photo via Shutterstock

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This article Palantir Wins Deal Worth Multi-Million Dollars To Expand Maven Smart System Across US Army, Air Force, Space Force & Navy originally appeared on Benzinga.com

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