RCS - Innodata Inc. - Innodata Lands Two New Synodex Platform Deals

GartnerAnnouncement

09/11/2022 14:30

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RNS Number : 7544F  Innodata Inc.  09 November 2022

Innodata Lands Two New Synodex Platform Deals as Life Insurance Companies Seek
to Leverage Technology to Manage Cost

NEW YORK, NY / ACCESSWIRE / November 9, 2022 / Innodata Inc
(https://pr.report/bf6uAzy7) . (NASDAQ:INOD), a leading data engineering
company, today announced that it has won Synodex platform deals with two new
customers - each a Fortune 500 diversified financial services company with
over $200 billion in assets. Innodata estimates the two engagements
collectively at $1.1 million per year of ongoing annual revenue. One of the
engagements is due to kick off this week and the other is anticipated to begin
in Q1 of 2023.

"We're seeing life, disability and long-term care insurers prepare for the
recession by focusing on robust management of risk, protective value, and
operational efficiency," said Jack Abuhoff, Innodata Chief Executive Officer.
"Our Synodex managed service platform supports all of these needs."

Innodata's Synodex managed service platform turns medical information from
traditional and EHR medical records into human-readable summaries and digital
data feeds used to power automated/augmented underwriting and analytics. With
Synodex, companies are able to simplify underwriting processes, improve time
service, and reduce costs."

In a recent article, Gartner Group (https://pr.report/4jreElY7)  asserted
that "accelerating the right digital initiative lies at the core of must-take
actions in today's economy," recommending that companies automate activities
with technologies such as AI and robotics that can reduce labor costs, shore
up production, and free up scarce, high-cost talent to focus on value-creating
activities.

"We believe our Synodex platform offering is well-aligned to what matters most
right now," Abuhoff concluded.

Learn more about Innodata's Synodex medical data extraction and
summarization here (https://pr.report/ocaZ7FJy)  and stay up to date on
recent Innodata news here (https://pr.report/Zi7oIJFj) .

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 (https://pr.report/VtAUCqvs)  to learn more.

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effects of the novel coronavirus ("COVID-19") pandemic and the responses of
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thereto; impacts resulting from the rapidly evolving conflict between Russia
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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
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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
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Company Contact:

Marcia Novero
mnovero@innodata.com (mailto:mnovero@innodata.com)

201-371-8015

SOURCE: Innodata Inc.

 

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