Palantar, a Silicon Valley startup that provides data-analysis software, has entered a strategic agreement with BNTx, a Singapore-based data-analytics company, to acquire an approximately 11% stake in the Palo Alto, California-based company, according to a filing with the Securities and Exchange Commission.
The deal is subject to closing in the first quarter of 2018, the filing said.
BNTs founder, Tan Jiawei, will join the Palantirs board.
Palantiri said the deal would create an enterprise-class data analytics and technology provider with a core focus on data and data-driven insights.
“We are excited about the opportunity to continue to advance our mission and deliver innovative technology solutions that are aligned with the challenges of the information age, as well as to strengthen our strategic partnerships and create more jobs in Silicon Valley,” Jiaweis cofounder and chief executive officer, Tan Shing Yang, said in a statement.
Palantlyi said the transaction will provide BNT’s management team with additional resources and capabilities, while also enhancing the company’s operational efficiency.
“This acquisition will significantly increase the value of Palantiris global technology portfolio, which is currently valued at approximately $1.3 billion, and our ability to support the Palantlyir global business, including our global data analytics, in the coming years,” Jiasu said in the statement.
“Palantirs vision is to empower people around the world to connect and share with each other, and this acquisition will further expand Palantriis mission and capabilities.”
The company said it will continue to work closely with the BNT family, including Tan Jiaming, to build the next phase of its technology roadmap, including a new platform that will help drive faster, more efficient, and better-performing analytics.
Palantoides shares closed down 2.8% at $1,849.07 on Friday.