Palantir Announces Strategic Partnership with Cloudflare Focused on Cloud Cost Optimization

DENVER, Jan. 10, 2023 /PRNewswire/ -- Palantir Technologies Inc. (NYSE: PLTR) today announced a strategic partnership with Cloudflare, Inc. (NYSE: NET), the security, performance, and reliability company helping to build a better Internet, to help organizations cut cloud costs, increase control, and improve predictability over multi-cloud workloads. 

Understanding cloud spend is complex, especially in environments where customers use multiple cloud vendors. As organizations transition more of their workloads to the cloud, the complexity and costs of these workloads have increased. What's more, organizations often struggle to achieve granular visibility over their cloud spend or, increasingly, an ability to easily manage cloud costs. Internal stakeholders ranging from finance executives to infrastructure engineers need to securely collaborate on optimizations and analyses to create lasting cloud efficiencies.

"Stitching together a patchwork of cloud contracts and evaluating them across teams, workflows, and internal stakeholders is fundamentally a data integration challenge," said Shyam Sankar, COO of Palantir. "Our partnership with Cloudflare provides an avenue for Palantir Foundry to drive down multi-cloud costs, Palantir Apollo to reduce the burden on DevOps and improve customers' gross margins, and Cloudflare to provide a modern cloud architecture that doesn't restrict customer choice and delivers meaningful cost savings."

This strategic partnership will provide organizations with the ability to quickly generate meaningful cost savings from their existing cloud bills and transition to a more cost-efficient cloud infrastructure for the long-term.

Within 24 hours of data connection, customers can leverage pre-built infrastructure in Palantir Foundry to understand their current cloud costs: integrating data from across cloud vendors, mapping to the internal ontology that governs different business units and attribution factors, and identifying internal opportunities for more efficient work, including potential migrations to Cloudflare. These migrations, particularly valuable for organizations with high volumes of data egress, can enable customers to distribute data and execute high-compute and other workflows quicker, cheaper, and at a greater scale than traditional cloud vendors—all while remaining cloud-agnostic. By leveraging Cloudflare's Workers Platform and R2 Storage solution, customers from the largest enterprises to small businesses are further enabled to build, deploy, and manage their workloads seamlessly, at global scale, and with greater flexibility and cost efficiency.

"Today's modern application stacks are a collection of many services running on different clouds. Legacy cloud providers shackle customers with restrictive pricing models, making it untenable to use multiple cloud vendors or switch providers," said Dane Knecht, SVP of Emerging Technology & Incubation at Cloudflare. "Cloudflare's Workers Developer Platform and R2 Storage give developers a flexible, cost efficient development platform with massive scale. Unlike other cloud vendors that lock customers in with high egress fees, Cloudflare doesn't charge for egress. We are redefining the standard of how developers work with object storage, allowing them to focus on innovation, rather than the costs of accessing their data. We're excited to work with Palantir to bring greater visibility to customers around their cloud spend and solutions on how to reduce it."

About Palantir
Foundational software of tomorrow. Delivered today. Additional information is available at https://www.palantir.com.

About Cloudflare
Cloudflare, Inc. (www.cloudflare.com / @cloudflare) is on a mission to help build a better Internet. Cloudflare's suite of products protect and accelerate any Internet application online without adding hardware, installing software, or changing a line of code. Internet properties powered by Cloudflare have all web traffic routed through its intelligent global network, which gets smarter with every request. As a result, they see significant improvement in performance and a decrease in spam and other attacks. Cloudflare was awarded by Reuters Events for Global Responsible Business in 2020, named to Fast Company's Most Innovative Companies in 2021, and ranked among Newsweek's Top 100 Most Loved Workplaces in 2022.

Forward-Looking Statements
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, which statements involve substantial risks and uncertainties. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expect," "explore," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential," or "continue," or the negative of these words, or other similar terms or expressions that concern Palantir's or Cloudflare's expectations, strategy, plans, or intentions. However, not all forward-looking statements contain these identifying words. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements regarding the expected functionality, performance, and benefits to customers of Palantir's products and technology (including Palantir Foundry and Palantir Apollo) and Cloudflare's products and technology (Cloudflare's Workers Platform and R2 Storage), the potential resulting benefits to Palantir and Cloudflare customers of using Palantir and Cloudflare products together, the potential opportunity for Palantir and Cloudflare to attract additional customers and to expand sales to existing customers through the use of their products together, Palantir's and Cloudflare's technological development, future operations, growth, initiatives, or strategies, and comments made by Palantir's and Cloudflare's executives, and others. Actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to, risks detailed in Palantir's and Cloudflare's filings with the Securities and Exchange Commission (SEC), including Palantir's Quarterly Report on Form 10-Q filed on November 7, 2022 and Cloudflare's Quarterly Report on Form 10-Q filed on November 3, 2022, as well as other filings that Palantir and Cloudflare may make from time to time with the SEC.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Neither Palantir nor Cloudflare undertakes any obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Palantir and Cloudflare may not actually achieve the plans, intentions, or expectations disclosed in their respective forward-looking statements, and you should not place undue reliance on either Palantir's or Cloudflare's forward-looking statements.

Cloudflare, the Cloudflare logo, and other Cloudflare marks are trademarks and / or registered trademarks of Cloudflare, Inc. in the U.S. and other jurisdictions. All other marks and names referenced herein may be trademarks of their respective owners.

Media Contact
Lisa Gordon
[email protected]

SOURCE PALANTIR TECHNOLOGIES INC.