Innodata Inc.
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 www.innodata.com 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.
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, impacts resulting from ongoing geopolitical conflicts, including between Russia and the Ukraine, Hamas' attack against Israel and the ensuing conflict and increased hostilities between Iran and Israel; investments in large language models; that contracts may be terminated by customers; projected or committed volumes of work may not materialize; pipeline opportunities and customer discussions which may not materialize into work or expected volumes of work; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; the ability and willingness of our customers and prospective customers to execute business plans that give rise to requirements for our services; 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; potential inability to replace projects that are completed, canceled or reduced; our DDS segment's revenue concentration in a limited number of customers; our dependency on content providers in our Agility segment; the Company's ability to achieve revenue and growth targets; difficulty in integrating and deriving synergies from acquisitions, joint ventures 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; changes in external market factors; 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, 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 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.
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 U.S. federal securities laws.
Company Contact
Marcia Novero
Innodata Inc.
Mnovero@innodata.com
(201) 371-8015
SOURCE: Innodata Inc.
View the original press release on accesswire.com
To view this piece of content from www.accesswire.com, please give your consent at the top of this page.
About ACCESS Newswire
Subscribe to releases from ACCESS Newswire
Subscribe to all the latest releases from ACCESS Newswire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from ACCESS Newswire
Registration Now Open for World of Coffee 2025 in Geneva: The Premier Event for Coffee Professionals6.2.2025 09:00:00 CET | Press release
Join Over 13,000 Attendees and 430+ Exhibitors at Europe's Largest Specialty Coffee Trade Show GENEVA, SWITZERLAND / ACCESS Newswire / February 6, 2025 / World of Coffee, the essential event for coffee professionals, enthusiasts, and innovators from around the globe will have a 2025 edition in Geneva, Switzerland, at the Palexpo SA, June 26-28. Following the record-breaking success of World of Coffee in Copenhagen, this flagship coffee trade show is set to welcome over 13,000 coffee professionals from 160+ countries for three days of business, networking, and education. Produced by the Specialty Coffee Association (SCA), the trade show and conference are proudly supported by Host Sponsor BTW Water + More; Platinum Sponsor Barista Attitude; Diamond Sponsor Nestlé Professional; and Gold Sponsor Alpro. Café de Colombia will be featured as the Portrait Country with unique cultural activations, and a pop-up café experience. "Geneva is the ideal location for hosting our flagship European tra
U.S.-Based Blockchain Kadena and Croatian Football Federation (HNS) Partner to Revolutionize Fan Engagement6.2.2025 09:00:00 CET | Press release
The Agreement Includes Regular Season Play as Well as the 2026 FIFA World Cup 2026 and UEFA EURO 2028 NEW YORK CITY, NEW YORK / ACCESS Newswire / February 6, 2025 / Kadena, the industry leader in scalable blockchain technology, and the Croatian Football Federation (HNS) have announced a groundbreaking partnership to provide a seamless digital fan engagement experience to Croatian national team fans. This partnership will encompass major global football events through 2028, including the 2026 FIFA World Cup and 2028 UEFA Euro Cup.Kadena and The Croatian Football Federation Enter Partnership to Revolutionize Fan Engagement This collaboration will introduce high-visibility activations, access to VIP experiences, and the migration of the HNS ERC-20 fan token, VATRENI, from Polygon to Kadena via the Kinesis Bridge. "The goal with the [VATRENI] token is to push the boundaries of traditional fan engagement opportunities of the past and introduce more of a future-focused fan experience. We're
Preservica Delivers Actionable Trusted Long-Term Data with New Innovations in AI and Active Digital Preservation6.2.2025 09:00:00 CET | Press release
BOSTON, MA AND OXFORD, UK / ACCESS Newswire / February 6, 2025 / Preservica, the industry leader in Active Digital Preservation™ archiving, today unveiled a series of groundbreaking innovations to its pioneering platform. These enhancements further simplify and automate the complex task of preserving critical long-term data, ensuring it remains instantly usable, reliable, and trusted for compliance and emerging AI use. With up to a third of digital content needing to be retained long-term (more than 7 years) according to IDC, unreadable or lost data from poor retention policies, obsolete file formats and accidental or intentional change or deletion is not only a serious compliance, reputational and legal risk but also impacts an organization's ability to leverage AI for value creation and process automation. "As digital content continues to rapidly grow in volume and complexity, having a robust and secure foundation of instantly useable, reliable and trusted long-term data has become a
Glenmorgan Investments On Track to Reach $7 Billion in Assets Under Management6.2.2025 08:00:00 CET | Press release
Glenmorgan Investments, a leading global investment firm, is excited to announce record capital inflows across both institutional and retail sectors in the first six weeks of 2025. LONDON, UNITED KINGDOM / ACCESS Newswire / February 6, 2025 / The company is on track to surpass $7 billion in assets under management (AUM) by the time it reports its Q1 2025 results, marking a significant milestone in its ongoing growth and success. These impressive inflows come as a direct result of the company's continued dedication to innovative investment strategies, which have garnered strong interest from both institutional investors and individual retail clients. Glenmorgan's diverse portfolio and commitment to delivering exceptional returns have been key drivers in attracting new capital during this record-breaking period. In particular, the company has experienced a significant surge in retail investor participation since the announcement that the highly sought-after Digital Asset Innovation Fund
KALEO Frontman JJ Julius Son and Entrepreneur Robert Wessman to Launch Unique Limited-Edition Wine Collection at WineParis6.2.2025 07:08:00 CET | Press release
An Icelandic Merger of Music and Winemaking SAINT-CERNIN-DE-LABARDE, DORDOGNE, FRANCE / ACCESS Newswire / February 6, 2025 / JJ Julius Son, acclaimed frontman for the internationally renowned blues-rock band KALEO, and entrepreneur Robert Wessman have joined forces, creating a limited-edition wine collection. This collaboration highlights their shared Icelandic heritage and promises to deliver an exquisite experience for wine enthusiasts and music lovers. The wines were created in the summer of 2024, by JJ and Robert, at the Maison Wessman winery in France, blending countless samples from barrels in the maison's cellar, under the supervision of oenologist Julien Viaud, of Michel Rolland and Associates. JJ and Robert will formally launch the collection on Feb. 10, 2025, at the global trade fair "WineParis." "We are excited to embark on this journey together," said Robert Wessman. "The goal is to create wines that not only delight the palate but also tell a story of friendship and collab
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom