Palantir Technologies increased its stock by 1% after announcing a strategic relationship with AlixPartners on Thursday.

The alliance will combine AlixPartner's consulting services with Palantir's Foundry software to assist firms to manage "some of the most complex and crucial challenges facing the modern workplace," according to Palantir, which specializes in data analytics.

To begin, the companies will focus on the aerospace, telecom, retail, and media industries, assisting them in navigating client behavioral shifts, supply chain interruptions, and delivery patterns.Media | Palantir

"Palantir's platform is best in class," AlixPartners CEO Simon Freakley said. "Together, we've created a strategic opportunity to assist our clients to speed dialogue and analysis into action."

"Realizing the value of digital transformation necessitates the implementation of a new operating system throughout an organization." "Our clients have been able to fully realize the potential of Palantir's operational AI platform, Foundry, thanks to AlixPartners' unique capacity to drive strategic transformation for our common client base," says Palantir COO Shyam Sankar.

Palantir's stock soared to a high of $26.52 shortly after the market opened.