Innodata Lands Five-Year Contract with Leading Multinational Bank
Innodata Inc. (NASDAQ:INOD) has secured a five-year contract with a major bank to deliver AI-driven data feeds and an analytics platform. This contract is expected to generate approximately $2 million per year in subscription revenue for the first two years, followed by about $2.4 million annually thereafter, totaling around $11 million over the contract's duration. The CEO highlighted the importance of intelligent document processing in addressing complex data challenges, positioning Innodata to establish a robust industry solution while gaining insights into the banking sector's needs.
- Secured a five-year contract with a major bank, projected to generate about $11 million in total subscription revenue.
- Initial revenue projection of $2 million per year for the first two years, increasing to $2.4 million annually afterward.
- Opportunity to develop a generalized industry solution based on insights gained from the bank's operational needs.
- Dependency on a limited number of clients, potentially affecting revenue stability.
- Risks related to project reliance, including possible termination of contracts by clients.
Anticipates Approximately
NEW YORK, NY / ACCESSWIRE / September 23, 2021 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has won a contract with one of the world's largest banks to provide AI-enhanced data feeds and a data analytics platform. Innodata anticipates the five-year contract will result in approximately
"Financial services companies are increasingly seeking to harness intelligent document processing (IDP), the application of AI on complex unstructured data and business documents," said Jack Abuhoff, Chief Executive Officer at Innodata. "IDP helps businesses solve real-world challenges they encounter when analyzing vast quantities of data and documents. By applying our proprietary AI document processing technologies and garnering insights through our SaaS analytics application, we will help the bank streamline processes, improve operational efficiency, and drive improvements in analytics.
"The terms of our arrangement with this bank enable us to use the data and platforms we develop as a foundation for a generalized industry solution," Abuhoff continued. "As a result of our engagement, we expect to be in the privileged position of understanding the detailed requirements of one of the most demanding market participants. In this way, we anticipate having a formidable industry reference and that future general product releases will be on-target for optimal product/market fit."
About Innodata
Innodata (NASDAQ:INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,500 subject matter experts, and a high-security infrastructure, we're helping usher in the promise of digital data and ubiquitous AI. 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; that contracts may be terminated by clients; projected or committed volumes of work may not materialize; continuing Digital Data Solutions segment reliance on project-based work and the primarily at-will nature of such contracts and the ability of these clients to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; 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; changes in our business or growth strategy; 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 clients and prospective clients 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; our 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, client, 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 15, 2021, as updated or amended by our other filings 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. 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
Jessie Schnurr
Innodata Inc.
jschnurr@innodata.com
201-371-8189
SOURCE: Innodata Inc.
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