Innodata Inc.

Innodata Awarded New Programs from "Magnificent Seven" Big Tech Customer Valued at Approximately $44 Million in Annualized Run Rate Revenue

NEW YORK, NY / ACCESSWIRE / June 3, 2024 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has been awarded two new large language model (LLM) development programs by one of its existing "Magnificent Seven" Big Tech customers. Innodata anticipates that the new programs, once ramped up, will together result in approximately $44 million of additional annualized run rate revenue. These awards are in addition to the new programs and program expansion with this customer Innodata announced on April 24 and May 7. While Innodata's agreement with this customer contains early-termination-upon-notice provisions, Innodata believes this customer is committed to a significant, multi-year LLM strategy from which Innodata stands to benefit.

"We are very excited to announce having been awarded these significant new programs," stated Jack Abuhoff, Innodata CEO. "Moreover, we are in discussions with the customer about additional potential programs and expansions."

Abuhoff continued, "In awarding us these new programs, the customer reiterated its confidence in the high-quality demonstration data that Innodata has been producing at scale for instruction-tuning the customer's LLM models and the value its AI engineering teams place on collaborating with Innodata. Increasingly, our customers share with us that no single factor has as much influence on LLM performance as the quality of customized data for supervised fine-tuning. Trained with high-quality data, LLMs will perform more accurately, with enhanced contextual understanding, better adaptability, and reduced bias. We are continuing to develop advanced capabilities to ensure that our LLM training data is engineered with a firm grasp of the intricacies of language and in ways that best support advanced LLM functionality and reasoning."

For more than 30 years, Innodata has been supporting companies that rely on high quality data for products and operations. Today, Innodata is supporting several of the largest technology companies as they develop generative AI offerings, as well as leading enterprises seeking to harness the capabilities of generative AI within their operations and products.

"It is truly exciting that we are now able to utilize our capabilities in scaled data to play a part in the LLM revolution. We believe that there is an enormous growth opportunity in front of us," Abuhoff concluded.

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 to learn more.

Forward-Looking Statements

This press release may contain certain 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. These forward-looking statements include, without limitation, statements concerning our operations, economic performance, financial condition, developmental program expansion and position in the generative AI services market. Words such as "project," "believe," "expect," "can," "continue," "could," "intend," "may," "should," "will," "anticipate," "indicate," "predict," "likely," "estimate," "plan," "potential," "possible," "promises," or the negatives thereof, and other similar expressions generally identify forward-looking statements.

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Our actual results could differ materially from the results referred to in any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, 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 4, 2024, 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.

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Company Contact

Marcia Novero
Innodata Inc.
(201) 371-8015

SOURCE: Innodata Inc.

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