Innodata Signs Deal with New "Big Five" Tech Customer for AI Large Language Model Development

NEW YORK, NY / ACCESSWIRE / July 18, 2023 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has successfully closed a significant deal with one of the five largest technology companies in the world for training the customer’s AI large language models (LLMs). The company is a new customer for Innodata. Under the newly signed agreement, the customer has budgeted up to $8 million in spend for the remaining months of 2023.

Based on discussions with the customer, Innodata anticipates potentially reaching an annualized run rate of $15 million or more with the customer by the end of 2023 and anticipates potential opportunities for further expansion in 2024.

Today’s announcement validates the confidence Innodata expressed in its May 11 earnings announcement, in which it stated that the new customer had indicated that it was likely to choose Innodata to provide data engineering for its generative AI innovation programs.

“We are thrilled to announce the closure of this highly anticipated deal,” stated Jack Abuhoff, Innodata CEO. “Moreover, the customer has told us that the deal we are announcing today is likely just the beginning – that generative AI will be core to its products in the future and that it is confident we have the capabilities, experience, and technology to partner with them on these initiatives.

“We believe that this new relationship – together with the wins we announced on June 14 and June 27 – are potentially transformative for Innodata. We have a solid track record of land-and-expand with large tech companies, and with the additional tailwinds of generative AI, we believe we’re extremely well-positioned. We believe the revenue growth opportunity with these companies is significant in the near, medium, and long-term.”

Learn more about Innodata’s AI data collection services here and stay up to date on recent Innodata news here.

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,” “possible,” “potential,” “promises”, or the negatives thereof and other similar expressions generally identify forward-looking statements, which speak only as of the date hereof.

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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 Exchange Commission on February 24, 2023, 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
mnovero@innodata.com
201-371-8015