BigBear.ai Inc (NYSE:BBAI) shares are trading significantly higher Thursday after the company announced it was awarded a contract from the United States Army.
The U.S. Army has selected BigBear.ai as the sole source prime contractor for implementing the Global Force Information Management (GFIM) system in a 9-month contract valued at $14.8 million. The award builds on BigBear.ai's prior work on the prototype platform developed during Phase 1 of the GFIM project.
Under the terms of the contract, Palantir Technologies Inc (NYSE:PLTR) will join the BigBear.ai team as a leading partner in implementing an enterprise-wide intelligent automation platform that provides the Army with a holistic view of its global force structure.
The companies will work to transition 14 legacy systems into a single solution to provide data for up to 160,000 Army users, enabling risk-informed decision-making capabilities to support training and mission operations.
Related Link: What's Going On With Palantir Technologies Stock Today?
"With BigBear.ai's artificial intelligence capabilities, the Army can streamline processes and quickly make data-driven decisions on force structure, balance and readiness while bringing new levels of efficiency and confidence to every critical decision maker from senior leadership to combatant commanders," said Ryan Legge, president of analytics at BigBear.ai.
BigBear.ai is engaged in decision dominance serving the national defense and intelligence communities.
BBAI Price Action: BigBear.ai has a 52-week high of $16.12 and a 52-week low of $1.19.
The stock was up 31.5% at $1.57 at time of publication, according to Benzinga Pro.
Photo: courtesy of The National Guard.
