IBM Corp. said Monday it’s teaming up with Palantir Technologies Inc. to meld its hybrid cloud and artificial intelligence technologies with that company’s data analytics tools.

Called Palantir for IBM Cloud Pak, the new offering is meant to simplify the way businesses build and deploy AI-infused apps with IBM Watson that can access and analyze data scattered across hybrid cloud environments, IBM said.

Palantir for IBM Cloud Pak combines Palantir Foundry, which is a platform for data integration and analysis, with IBM Cloud Pak for Data Services, which includes the IBM Watson service.

IBM said the new product will reduce data silos and eliminate the technical expertise that’s required to perform AI analysis. In other words, it is a “no-code/low-code” platform for deploying AI-based apps that can process data quickly and effectively, helping enterprises to extend their existing systems and accelerate digital transformation, IBM explained.

Palantir said that in addition to the offering, it will adopt IBM’s Red Hat OpenShift platform to improve the technological compatibility of its platform with hybrid cloud environments.

The companies are targeting customers in the retail, financial services, manufacturing, healthcare and telecommunications industries with the new product. Palantir for IBM Cloud Pak could, for example, be used by retail firms to analyze trends on supply and demand. For healthcare, it could help to unify data silos and provide a more consistent data set for medical professionals to analyze.

Palantir Chief Executive Alex Karp said his company is joining forces with IBM to put the joint product into the hands of the institutions and people that need it most. It will “propel the world’s most critical institutions into an unprecedented new digital age,” he added.

News of the partnership was a welcome boost for Palantir’s shareholders, as the newly listed company‘s stock jumped 10% today.

Palantir for IBM Cloud Pak will become generally available in March.

Image: IBM