Palantir Technologies Inc. (NYSE: PLTR) announced today that the Department of Homeland Security renewed its contract to support Homeland Security Investigations (HSI) with Investigative Case Management (ICM) software. The contract is worth $95.9M over a five-year period.
Since 2011, Palantir has partnered with HSI to advance its mission of investigating and preventing transnational crime and high-level threats that exploit international trade, travel, and financial infrastructure. HSI’s core mission includes combating human trafficking and child exploitation, dismantling international drug trafficking organizations, disrupting cyber criminals, preventing identify and benefit fraud, and the investigation of international war crimes.
Investigative Case Management (ICM) is HSI’s System of Record across all HSI investigative cases and is used by HSI Special Agents, Criminal Analysts, and support personnel located in 225 cities across the nation and in embassies around the globe. In accordance with HSI's enforcement authorities, ICM users document investigative activities leading up to the prosecution of criminal parties. HSI selected Palantir’s software for speed of delivery as well as the platform’s leading edge access controls and data protections to enforce critical security and privacy standards.
For example, the HSI team has used ICM to support the enforcement of sanctions on Russian oligarchs, the arrest of foreign mercenaries for the assassination of the former President of Haiti, and the arrest of key cartel leaders. Last year, HSI’s impact included 34,974 criminal arrests; seizure of 14,530 pounds of Fentanyl and $822 million worth of counterfeit and illicit goods; and the rescue or identification of 1,177 child exploitation victims.
“Every single day, HSI personnel use Palantir's software to execute their mission of investigating and disrupting major criminal networks that threaten our national security and undermine our critical infrastructure,” said Akash Jain, President of Palantir USG. “The positive impact of this work is real and Palantir's software plays a critical role in making it possible. We remain firmly committed to HSI's mission and the Special Agents and Analysts driving this impact day in and out.”
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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 the 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.