Palantir Technologies has joined International Business Machines in a partnership that will gradually expand Palantir’s sales team, while IBM’s AI software will become easier to use for its non-tech customers.
The global partnership will be the largest of its kind for Palantir, a data analytics software company whose stock has more than quadrupled since its launch on the New York Stock Exchange.
After the deal, Palantir will have access to a sales team of more than 2,500 people, with its current team of just 30 people, and its stock rose 10% at the opening of trading in New York to reach $37.53.
Notably, Palantir primarily deals with companies with over $500 million in revenue, many of which already have relationships with IBM.
Palantir’s software requires little or no code writing, eliminating the need for technical staff to use it.
On the other hand, partnership deals similar to the one IBM has with Palantir are essential to contribute the revenue needed to expand IBM’s cloud and AI business.
The partnership is expected to help increase the number of IBM customers using its AI services from the current 20% to 80%, but no date has been set.
According to reports, Palantir will announce its financial results for the year 2020 on February 16, and with the end of the ban on shareholders from trading three days later, the rest of the company’s shares that were not previously allowed to trade, representing 80% of the total shares, will be released.