BigBear.ai Holdings, Inc. (NYSE: BBAI) is an artificial intelligence-powered analytics and cyber engineering solutions provider to help support mission-critical operations and complex decision-making in real world situations. Shares of the AI analytics company are rallying 33% through early trading on Thursday, September 29, 2022. Over the past three months, BigBear.ai has seen average daily volume of 436,310 shares. However, volume of 34.3 million shares or dollar volume of around $55.57 million, has already exchanged hands through early trading.
Shares of BigBear.ai are gaining after the company announced the U.S. Army has awarded the company a nine-month sole source prime contractor contract valued at $14.8 million. BigBear.ai will be tasked with modernizing and overhauling the Global Force Information System’s (GFIM) 14 legacy systems into a single, AI-based automation platform to help U.S. Army leaders and combat commanders with real-time insights. The contract award comes after BigBear.ai previously completed delivery of a prototype platform for the GFIM system.
Palantir Technologies (NYSE: PLTR) will work with BigBear.ai as a leading partner for implementing an enterprise-wide intelligent automation platform. The modernization of the GFIM system will allow up to 160,000 U.S. Army users into the system and provide real-time data and analytics. This provides strong access for senior leadership and high-profile combat officers with the necessary analytics to make real-time decisions on the battlefield.
“This contract supports the continuation of BigBear.ai’s efforts to deliver on the Secretary’s goal of ensuring the Army embraces new technologies to become a more data-centric fighting force,” said Ryan Legge, President, Analytics at BigBear.ai. “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.”
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