RCS - Innodata Inc. - Innodata Expands Scope with Fortune 500 Client

InnodataAnnouncement

12/01/2022 16:00

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RNS Number : 1312Y  Innodata Inc.  12 January 2022

Innodata Expands Scope with Fortune 500 Client

NEW YORK, NY / ACCESSWIRE / January 12, 2022 / Innodata Inc.
(https://pr.report/jmdtCSRB) (NASDAQ:INOD), a leading data engineering
company, today announced that a Fortune 500 insurance company has expanded its
scope of services with Innodata to support its medical record predictive model
development. The expansion adds approximately $700 thousand of anticipated
one-time revenue to the revenue estimates previously announced on September
15, 2021 (https://pr.report/lujtnZK3) of approximately $3 million of one-time
revenue and $800 thousand per year of ongoing annual revenue.

"This expansion further validates our approach to creating high-quality AI
training data from medical records," said Jack Abuhoff, Innodata's Chief
Executive Officer. "By combining our data annotation platform's auto-tagging
intelligence and various proprietary AI models with our Synodex
(https://pr.report/BsYFRQS8) medical data extraction platform, we built a
unique platform for creating large volumes of high-quality medical record AI
training data that meets stringent information security protocols and HIPAA
requirements. We anticipate that we can use this new platform to help a range
of companies focused on using AI to analyze, organize, and share medical
record data."

Learn more about Innodata's insurance offerings here
(https://pr.report/k8VgSWhd) .

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
(https://pr.report/VtAUCqvs) 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.

CONTACT:

Jessie Schnurr

jschnurr@innodata.com

201-371-8189

SOURCE: Innodata Inc.

 

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