As of Thursday afternoon, BigBear.ai Holdings Inc. (NYSE: BBAI) shares were up 42.86% at $1.70 after the company won a significant contract. The number of shares traded was 30.57 million compared to 0.77 million over the past 50 days.
What contract has BBAI won?
In a contract worth $14.8 million, BigBear.ai (BBAI) has been selected as the sole source prime contractor for the implementation of Global Force Information Management (GFIM) by the United States Army for a nine-month period. As part of Phase 1 of the GFIM project, BigBear.ai developed and delivered a prototype platform that was successfully delivered.
- As part of the sole-source contract, Palantir Technologies (NYSE: PLTR) will provide the Army with a holistic view of its global force structure by participating as a leading partner in implementing an enterprise-wide intelligent automation platform.
- More effective manpower, equipment, training, readiness, and resource allocation system is empowered by the system for senior leaders and combatant commanders.
- By integrating 14 legacy systems, the end-state solution will enable real-time holistic data for 160,000 Army users, facilitating risk-informed decision-making to support mission operations and training.
- The Army’s commitment to embracing emerging technologies and becoming more data-centric is supported by BigBear.ai and Palantir’s solution.
- The U.S. Secretary of the Army, Christine Wormuth recently emphasized how the Army will become a more effective and efficient force in the future through a data-driven and integrated approach in a message he sent to service members in February.
- The new integrated cloud platform by GFIM will significantly enhance the Army’s end-to-end Deploy to Redeploy and Retrograde (D2RR) end-to-end business processes by replacing aging legacy systems, automating manual processes for determining unit readiness, and generating and tracking actionable mission data.
What difference will BBAI make?
In order to become a data-driven fighting force, BigBear.ai (BBAI) is continuing to deliver on the Secretary’s goal through the contract by embracing new technologies. With artificial intelligence, the Army can streamline processes and make data-driven decisions quickly regarding force structure, balance, and readiness. Consequently, senior leaders and combatant commanders will be more efficient and confident in making critical decisions using BBAI’s system.