Innodata Signs Cloud Migration Deal Aimed at Helping Global Customer Leverage Innodata AI/ML Models to Reduce Cost

Rhea-AI Summary

Innodata Inc (NASDAQ:INOD) has secured a cloud migration contract with a global client, enhancing utilization of its AI/ML language models. These models, designed for operational efficiency, support English, Spanish, and Chinese. CEO Jack Abuhoff noted plans for further expansions and migrations, indicating strong demand for AI solutions amid rising technology investments despite economic challenges. Recent surveys show over 75% of tech leaders expect increased spending on AI, cloud computing, and automation this year.

Positive

• Secured a cloud migration deal with a global customer to enhance AI/ML effectiveness.
• CEO anticipates further migrations and expansions in AI/ML applications.
• Growing demand for AI solutions as companies invest in technology despite economic uncertainties.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / November 8, 2022 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, announced today that it has signed a Cloud migration deal with a global customer to enable the customer to take fuller advantage of artificial intelligence / machine learning (AI/ML) models Innodata built for the customer that are expected to drive operational efficiencies.

Innodata built sophisticated neural network-based AI/ML language models in order to augment the company's human analysts and achieve cost savings. The models operate across English, Spanish, and Chinese languages. The company has identified a range of applications and databases that it wishes to modernize in order to leverage the AI/ML models.

Jack Abuhoff, Innodata CEO, said, "Our AI/ML performed so well that the company asked us to provide legacy application Cloud migration so that they can take full advantage of our AI/ML models. Moreover, we anticipate further expansion as we are in discussions about further legacy application migrations, database migrations, and additional scope for AI/ML across their workflows."

Companies are increasingly turning to artificial intelligence as a way to reduce costs and improve productivity. Forrester recently recommended companies maintain spending on AI initiatives despite a potentially deep recession looming in order to increase efficiency and stay competitive. In a recent survey, more than 75% of technology leaders said that they expected their firms to spend more on technology this year, notwithstanding economic uncertainty, with investments focused on cloud computing, machine learning, artificial intelligence and automation.

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," "promises," "supports," 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.

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FAQ

What is the recent deal signed by Innodata (NASDAQ:INOD)?

Innodata signed a cloud migration deal with a global customer to enhance the use of its AI/ML models.

How does Innodata's AI/ML technology work?

Innodata's AI/ML technology uses sophisticated neural network-based models to improve operational efficiency across multiple languages.

What is the significance of the cloud migration deal for Innodata?

The deal enables the global customer to leverage Innodata's AI/ML models, potentially leading to cost savings and increased operational efficiency.

What trends are emerging in technology spending according to Innodata's announcement?

Over 75% of technology leaders expect to increase spending on AI, cloud computing, and automation despite economic uncertainty.