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Innodata Begins Ramp-up on Synodex Platform Expansion for Fortune 500 Life Insurance Company as Company Further Broadens Engagement

Innodata Inc.

NEW YORK, NY / ACCESSWIRE / November 3, 2022 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has begun ramping up its Synodex medical records data extraction platform managed service for a Fortune 500 life insurance customer. Innodata now estimates the engagement at $2.3 million per year of ongoing annual revenue, up from the previously announced $1.8 million.

"We're very pleased to announce that we are now ramping up this important engagement," said Jack Abuhoff, Innodata Chief Executive Officer. "Our Synodex managed service platform enjoys a net retention rate of over 150%, so this new deal brings considerable lifetime customer value.

"Moreover, the win underscores the value that life insurance companies are finding in our solution, which we believe to be the only available solution for turning rich, granular, unstructured and semi-structured medical information found in traditional and EHR medical records into human-readable summaries and digital data feeds in JSON, XML, HL7, and FHIR formats used to power automated/augmented underwriting and analytics. With Synodex, companies are able to simplify underwriting processes, improve time service and reduce costs."

In its August earnings announcement, Innodata predicted that the deal would begin ramping in October and would yield approximately $1.8 million per year of recurring revenue. Recently, the customer extended the scope of the engagement from two to three of its market segments, resulting in an expected $500,000 increase in annual recurring revenue. By mutual agreement, the win - now anticipated to total $2.3 million per year of ongoing annual revenue - replaced a portion of an estimated $3.7 million, one-time data annotation project which had been scheduled to be completed in the second and third quarters of this year but which the customer no longer required.

Learn more about Innodata's Synodex medical data extraction and summarization 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," "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; impacts resulting from the rapidly evolving conflict between Russia and the Ukraine; that contracts may be terminated by customers; projected or 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 to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing DDS segment revenue concentration in a limited number of customers; 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; 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 customers and prospective customers 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; the Company's 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 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 24, 2022, 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 Federal securities laws.

Company Contact:

Marcia Novero
mnovero@innodata.com
201-371-8015

SOURCE: Innodata Inc.



View source version on accesswire.com:
https://www.accesswire.com/723683/Innodata-Begins-Ramp-up-on-Synodex-Platform-Expansion-for-Fortune-500-Life-Insurance-Company-as-Company-Further-Broadens-Engagement