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Peter Thiel’s Palantir Technologies (NYSE:PLTR) is on track to win a contract to overhaul the UK’s National Health Service even as concerns remain over data privacy, Bloomberg reported.
Palantir (PLTR) appears set to be named the winning bidder for a five-year contract, which may be extended by as long as two years and is worth much as £480M, or $579M, Bloomberg said, citing people familiar with the matter.
Shares are up 2% in extended-hours trading on Tuesday following the report.
The data analytics company will help the agency analyze medical data, detect patterns and overhaul the entire system. The deal is subject to final approvals. Palantir (PLTR) has contracts around the world with government intelligence agencies and military forces around the world.
Civil rights and patient advocacy groups have expressed concerns over transparency with health data.
Addressing apprehensions, the NHS chief data officer said in August that a software vendor would “never hold or have access to NHS data for any purpose other than as directed by” the agency. Patients will have a say in how their information is used.
Palantir (PLTR) previously worked with the UK government helping manage the country’s Covid-19 vaccine rollout.
The Denver, Co.-based company has contracted with the U.S. Central Intelligence Agency and the Pentagon helping interpret intelligence from Afghanistan and Iraq, Bloomberg added.
Should the full contract be awarded to Palantir (PLTR), it will be worth roughly $83M a year. That compares to the company’s annual 2022 revenue of $1.9B.
