Innodata Contracted For New Programs From "Magnificent Seven" Big Tech Customer Valued At ~$44M In Annualized Run Rate Revenue

Author: Benzinga Newsdesk | June 03, 2024 08:54am

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.

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