Innodata Isogen Inc. : Innodata Announces First Major Synodex Contract
Innodata Announces First Major Synodex Contract
NEW YORK - April 8, 2013 - INNODATA INC. (NASDAQ: INOD) announced today that
its Synodex subsidiary has signed a two-year services contract with a Fortune
1000 life insurance company. Based on initially expected volumes, the Company
anticipates that the contract's revenue value will approximate $1,400,000 over
the two years of the contract.
Synodex utilizes a proprietary platform to transform medical data from health
records into concise, highly-structured human-readable reports as well as
computer-readable XML data. Life insurance companies can use Synodex reports
to support underwriter decision-making and can use Synodex XML data to power
Jack Abuhoff, Innodata's Chairman and CEO, said, "Synodex began marketing its
products in October 2012 and has since completed 12 pilot programs with large
insurance companies and brokers. Our pilot programs are being received with
interest and our roster of prospects continues to grow.
"We are pleased that our marketing program has now yielded its first major
contract. We believe that the contract provides significant validation of our
innovation and platform."
About Innodata and Synodex
Innodata (NASDAQ: INOD) operates through its Content and Innodata Advanced
Data Solutions (IADS) segments. The Content segment is a leading provider of
business process, information technology and professional services to
publishers, information providers, and other enterprises that are focused on
digital enablement. Clients of this segment include leading media, publishing
and information services companies, as well as enterprises that are prominent
in information technology, manufacturing, aerospace, defense, financial
services, government, healthcare, insurance, intelligence, manufacturing and
Synodex is an IADS subsidiary that designs and develops new capabilities to
enable clients in the insurance, medical and healthcare sectors to improve
decision-support through digital technologies. Synodex offers the ability to
unlock the contents of paper and imaged medical documents and turn them into
usable information. Synodex operations are HIPAA, DPA and SSAE 16SOC 1Type
II compliant, and are also ISO 27001 certified. Synodex and Innodata are on
the US Safe Harbor registry.
Recent Innodata honors include EContent Magazine's EContent 100, KMWorld
Magazine's 100 Companies That Matter in Knowledge Management, the
International Association of Outsourcing Professionals' (IAOP) Global
Outsourcing Top 100, D&B India's Leading ITeS and BPO Companies and the Black
Book of Outsourcing's Top List ofLeading Outsourcing Providers to the Printing
and Publishing Business.
Headquartered in the New York metro area, Innodata has offices and operations
in the United States, the United Kingdom, Israel, India, Sri Lanka, and the
This release contains forward-looking statements that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act of
1995. The words "project," "head start," "believe," "expect," "should,"
"anticipate," "indicate," "point to," "forecast," "likely"and other similar
expressions generally identify forward-looking statements, which speak only as
of their dates.
These forward-looking statements are based largely on our current
expectations, and are subject to a number of risks and uncertainties,
including without limitation, that contracts could be terminated by clients,
projected or committed volumes of work may not materialize; that our Innodata
Advanced Data Solutions segment has not reported any substantial revenues to
date and is subject to the risks and uncertainties of early-stage companies;
the primarily at-will nature of the contracts with our customers and the
ability of customers to reduce, delay or cancel projects; continuing Content
Services revenue concentration in a limited number of customers; continuing
Content Services reliance on project-based work; inability to replace projects
that are completed, cancelled or reduced; depressed market conditions; changes
in external market factors; the ability and willingness of our customers and
prospective customers to execute business plans which give rise to
requirements for digital content and professional services in knowledge
processing; difficulty in integrating and deriving synergies from
acquisitions, joint venture and strategic investments; potential undiscovered
liabilities of companies that we acquire; changes in our business or growth
strategy; the emergence of new or growing competitors; various other
competitive and technological factors; and other risks and uncertainties
indicated from time to time in our filings with the Securities and Exchange
We undertake no obligation to update or review any guidance or changes in
status of customer contracts, client relationships, or other forward-looking
information, whether as a result of new information, future developments or
otherwise. Actual results could differ materially from the results referred to
in the forward-looking statements. In light of these risks and uncertainties,
there can be no assurance that the results referred to in the forward-looking
statements contained in this release will occur.
Innodata Isogen, Inc.
Stanley or Andrew Berger
SM Berger & Company
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Innodata Isogen Inc. via Thomson Reuters ONE
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