WesTrac will continue to leverage Palantir Foundry and deploy across entire operations
DENVER and PERTH, Australia, Aug. 4, 2023 /PRNewswire/ -- Palantir Technologies Inc. (Palantir, NYSE: PLTR) and WesTrac Pty Ltd, one of the world's largest Caterpillar dealers and leading provider of heavy mobile equipment and aftermarket services to the Australian mining and construction sectors, today announced a multi-year enterprise expansion of their partnership, which first began in 2021, to deploy Foundry across core operations. The expanded partnership will initially focus on deploying Foundry across WesTrac's Component Rebuild Centres and to Inventory Management teams, to drive greater overall efficiency and customer delivery for WesTrac.
Palantir's Foundry operating system is being used to help increase throughput of WesTrac's Component Rebuild Centre at its headquarters in Perth Western Australia, and is being expanded to the Company's Tomago facility in NSW. Foundry is used daily by workshop planners and supervisors to improve task scheduling decisions, manage upcoming part constraints, and increase labour efficiency through proactive alerting on task performance and schedule adherence. Foundry will also be leveraged by WesTrac's Inventory Management teams to identify deficits in available inventory that may block workshop progress, enabling the team to make more proactive ordering decisions.
"In the current technology-rich era, WesTrac has a strong focus on incorporating enhanced data-driven decisions across our business as we look to drive our own digital transformation and improve delivery of Cat products in Australia," said Jarvas Croome, CEO at WesTrac. "Implementing Foundry has delivered a strong initial return on investment, and we anticipate the five-year expansion of our partnership with Palantir will enhance ROI and enable more data driven decisions. The Foundry platform has been a leading feature within WesTrac, with rapid uptake, high usability, and widespread acceptance by users across the business. As we expand the scope of Foundry, including to new applications like AI solutions, we expect uptake of Palantir's products to increase. WesTrac is committed to providing world class products and services to our customers by ensuring operations are supported by the latest technology, which is why we are pleased be extending our partnership with Palantir."
"This expansion represents a significant commitment to our partnership with WesTrac. Foundry now serves as the Digital Twin for WesTrac's core operations, delivering tangible business benefits," said Ashwin Rajan, Head of Commercial for Australia at Palantir. "The suite of software in Foundry help front-line Component Rebuild Centre & Inventory Teams improve overall efficiency and customer delivery. For example, in just the last 6 months, Foundry has identified a significant number of constrained parts blocking work order progress - and suggested remediation strategies to ensure continued operations. WesTrac predicts these outcomes alongside improvements in inventory management will drive overall throughput up by at least 5% over the next 5 years, with additional benefits expected in other areas such as reduced working capital requirements and improved time to invoice."
In addition to Foundry, WesTrac plans to explore AI solutions leveraging a suite of software including Palantir's new Artificial Intelligence Platform (AIP). AIP can allow WesTrac to better connect sales to operations, by enabling sales functions to ask questions of workshop operations, to inform sales strategy and improve the accuracy of information provided to customers.
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As one of the largest authorised Cat equipment dealers in the world, WesTrac provides customers with a wide range of machinery and construction equipment as well as comprehensive whole-of-life management solutions designed to make owning and operating equipment as easy, profitable and safe as possible. With more than 4,000 team members, WesTrac is dedicated to creating and delivering outstanding value for our team, customers, shareholders and the community. We are committed to excellence and are focused on long-term customer relationships and a dedication to customer service, safety, quality and the environment. Community involvement is an important part of the WesTrac philosophy, and we are proud to support local activities, events and charities in the regions in which we are based. As part of Seven Group Holdings Ltd, WesTrac also has strong alliances with other leading Australian businesses, including Seven West Media, Coates and SITECH.
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. These statements may relate to, but are not limited to, Palantir's expectations regarding the amount and the terms of the contract and the expected benefits of our software platforms. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Forward-looking statements are based on information available at the time those statements are made and were based on current expectations as well as the beliefs and assumptions of management as of that time with respect to future events. These statements are subject to risks and uncertainties, many of which involve factors or circumstances that are beyond our control. These risks and uncertainties include our ability to meet the unique needs of our customer; the failure of our platforms to satisfy our customer or perform as desired; the frequency or severity of any software and implementation errors; our platforms' reliability; and our customer's ability to modify or terminate the contract. Additional information regarding these and other risks and uncertainties is included in the filings we make with the Securities and Exchange Commission from time to time. Except as required by law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise.