Innodata Further Expands Customer Engagement to Leverage Innodata AI/ML Models

Rhea-AI Summary

Innodata Inc (NASDAQ:INOD) announced a significant application re-engineering agreement to enhance a customer's use of its AI/ML models. This expansion builds on a previous cloud migration deal, allowing the customer to replace legacy systems used for tracking financial deals across 33 markets with AI-enabled applications. CEO Jack Abuhoff highlighted the partnership's success in driving digital transformation, increasing productivity, and automating routine functions. The company continues to focus on AI-driven solutions and cloud architectures, positioning itself for future growth.

Positive

• Secured a significant application re-engineering agreement to enhance AI/ML model usage.
• Expansion builds on a previous deal, indicating strong customer relationship.
• Customer automating routine functions and improving productivity through AI.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / January 24, 2023 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, announced today that it has signed a significant application re-engineering agreement to enable a customer to more fully leverage Innodata-built artificial intelligence / machine learning (AI/ML) models.

The latest agreement expands the Cloud migration deal Innodata announced on November 8, 2022 which enabled the customer to make greater use of Innodata's sophisticated neural network-based AI/ML language models. With the latest expansion, Innodata will continue to help the customer replace legacy applications used to track and analyze financial deals across 33 global financial markets with new AI-enabled, cloud-based applications.

Jack Abuhoff, Innodata CEO, said, "The expansion is testament to the success of our initial partnership and our ability to help our customers drive successful digital transformation that results in greater productivity and agility. By partnering with Innodata, companies can reinvent and enhance their business operations by leveraging digital technologies such as AI/ML and scalable cloud architectures. As a result of our efforts, our customer is automating routine functions, augmenting the way its most highly-valued analysts work, and positioning its business for success."

About Innodata

Innodata (NASDAQ:INOD) is a global data engineering company delivering the promise of AI to many of the world's most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "forecast," "predict," "likely," "goals," "estimate," "plan," "potential," or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof.

These forward-looking statements are based on management's current expectations, assumptions and estimates and are subject to a number of risks and uncertainties, including without limitation, the expected or potential effects of the novel coronavirus ("COVID-19") pandemic and the responses of governments, the general global population, our customers, and the Company thereto; impacts resulting from the rapidly evolving conflict between Russia and the Ukraine; that contracts may be terminated by customers; projected or committed volumes of work may not materialize; continuing reliance on project-based work in the Digital Data Solutions ("DDS") segment and the primarily at-will nature of such contracts and the ability of these customers to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing DDS segment revenue concentration in a limited number of customers; potential inability to replace projects that are completed, canceled or reduced; our dependency on content providers in our Agility segment; difficulty in integrating and deriving synergies from acquisitions, joint venture and strategic investments; potential undiscovered liabilities of companies and businesses that we may acquire; potential impairment of the carrying value of goodwill and other acquired intangible assets of companies and businesses that we acquire; a continued downturn in or depressed market conditions, whether as a result of the COVID-19 pandemic or otherwise; changes in external market factors; the ability and willingness of our customers and prospective customers to execute business plans that give rise to requirements for our services; changes in our business or growth strategy; the emergence of new, or growth in existing competitors; various other competitive and technological factors; the Company's use of and reliance on information technology systems, including potential security breaches, cyber-attacks, privacy breaches or data breaches that result in the unauthorized disclosure of consumer, customer, employee or Company information, or service interruptions; and other risks and uncertainties indicated from time to time in our filings with the Securities and Exchange Commission.

Our actual results could differ materially from the results referred to in forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, uncertainty around the COVID-19 pandemic and the effects of the global response thereto and the risks discussed in Part I, Item 1A. "Risk Factors," Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations," and other parts of our Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 24, 2022, as updated or amended by our other filings that we may make with the Securities and Exchange Commission. In light of these risks and uncertainties, there can be no assurance that the results referred to in the forward-looking statements will occur, and you should not place undue reliance on these forward-looking statements. These forward-looking statements speak only as of the date hereof.

We undertake no obligation to update or review any guidance or other forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by the Federal securities laws.

Company Contact:

Marcia Novero
mnovero@innodata.com
201-371-8015

SOURCE: Innodata Inc.

View source version on accesswire.com:
https://www.accesswire.com/736398/Innodata-Further-Expands-Customer-Engagement-to-Leverage-Innodata-AIML-Models

FAQ

What is the significance of the recent agreement announced by Innodata (INOD)?

The recent agreement allows a customer to enhance the use of Innodata's AI/ML models, thereby improving operational efficiency.

How does Innodata's new agreement impact its cloud migration efforts?

The new agreement expands on previous cloud migration initiatives, facilitating the transition from legacy systems to AI-enabled applications.

Who commented on the success of the partnership in the recent Innodata press release?

CEO Jack Abuhoff commented on the success of the partnership, emphasizing its role in driving digital transformation.

What markets does Innodata's customer serve following the new agreement?

The customer serves 33 global financial markets, utilizing Innodata's advanced AI/ML capabilities.