Benzinga | Sep 23, 2021 10:03AM EDT

Innodata Lands Five-Year Contract with Leading Multinational Bank, Anticipates $2M/Year In Subscription Revenue For First 2 Years, $2.4M/Year Thereafter

Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has won a contract with one of the world's largest banks to provide AI-enhanced data feeds and a data analytics platform. Innodata anticipates the five-year contract will result in approximately $2 million per year in subscription revenue during the initial two years and approximately $2.4 million per year in subscription revenue thereafter.

"Financial services companies are increasingly seeking to harness intelligent document processing (IDP), the application of AI on complex unstructured data and business documents," said Jack Abuhoff, Chief Executive Officer at Innodata. "IDP helps businesses solve real-world challenges they encounter when analyzing vast quantities of data and documents. By applying our proprietary AI document processing technologies and garnering insights through our SaaS analytics application, we will help the bank streamline processes, improve operational efficiency, and drive improvements in analytics.

"The terms of our arrangement with this bank enable us to use the data and platforms we develop as a foundation for a generalized industry solution," Abuhoff continued. "As a result of our engagement, we expect to be in the privileged position of understanding the detailed requirements of one of the most demanding market participants. In this way, we anticipate having a formidable industry reference and that future general product releases will be on-target for optimal product/market fit."