Benzinga | Dec 17, 2021 06:38AM EST

Palantir To Migrate UK Data Processing From The US

* Defense and national security specialized data analytics firm Palantir Technologies Inc (NYSE:PLTR) looks to migrate its U.K. data processing operation from the U.S., Financial Times reports.

* Palantir will offer U.K. clients the option of moving all data processing within the U.K. by 2022.

* Palantir aims to better protect them from hacks and data leaks from security concerns. It will offer the same option in the E.U.

* Palantir's move comes amid rising geopolitical tensions between China, Russia, and the west alongside new regulatory regimes pushing companies to Balkanise their data operations.

* New laws governing cross-border data would affect all businesses that use the internet to operate.

* Palantir processes sensitive health and national security data for U.K. public authorities.

* Palantir plans to hire 250 new U.K. employees and open a northern England office in 2022.

* Palantir responded to a significant push from customers who want to contain data processing within the borders where they operate.

* Price Action: PLTR shares traded lower by 1.69% at $18.03 in the premarket session on the last check Friday.