Innodata Inc 8-K, filed Mar 15, 2021
Innodata Inc (INOD)
About this 8-K
Innodata Inc filed this 8-K on March 15, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 15, 2021
INNODATA INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-35774 | 13-3475943 |
| (State or other jurisdiction of | (Commission File Number) | (I.R.S. Employer |
| incorporation) | Identification No.) |
| 55 Challenger Road | 07660 | |
| Ridgefield Park, NJ | (Zip Code) | |
| (Address of principal executive offices) |
| Registrant's telephone number, including area code (201) 371-8000 |
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.01 par value | INOD | The Nasdaq Stock Market LLC |
| Preferred Stock Purchase Right | N/A | N/A |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 8.01. Other Events.
On March 15, 2021 Innodata Inc. (the “Company”) issued a press release announcing that the Company has signed an amendment to its statement of work with one of the world’s leading social media platforms to provide up to $7.0 million in AI services in 2021.
A copy of the press release has been filed as Exhibit 99.1 to this Current Report on Form 8-K, and is incorporated by reference into this Item 8.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
See Exhibit Index below, which is incorporated by reference herein.
Exhibit Index
| Exhibit No. | Description |
| 99.1 | Press Release of Innodata Inc. dated March 15, 2021 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| INNODATA INC. | ||
| Date: March 15, 2021 | By: | /s/ Amy R. Agress |
|
Amy R. Agress | |
| Senior Vice President and General Counsel | ||
Exhibit 99.1
INNODATA EXPANDS ENGAGEMENT WITH LEADING SOCIAL MEDIA PLATFORM FOR UP TO $7.0 MILLION IN AI SERVICES FOR 2021
NEW YORK, NY / March 15, 2021 — Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has signed an amendment to its statement of work with one of the world’s leading social media platforms to provide up to $7.0 million in AI services in 2021. The newly signed amendment represents a potential revenue expansion of up to 35x last year’s revenue with this leading social media platform that became an Innodata customer in the second quarter of 2020.
AI-related spend by social media platforms is expected to grow to $2.6 billion by 2023, up from $0.5 billion in 2017, representing a compound annual growth rate (CAGR) of 28.6% during the forecast period.1 Innodata provides a comprehensive suite of cutting-edge AI services for social media platforms, such as search query and product classification, sentiment analysis, misinformation and toxicity identification, and trends representation. These services help tune the platforms’ algorithms to continually refine search accuracy and product advertising, mitigate misinformation, remove NSFW (not safe for work) content, and improve overall user experience.
“Leading social platforms are increasingly incorporating artificial intelligence to better connect with and service their subscribers and customers,” said Jack Abuhoff, Innodata’s CEO. “Our 30-year reputation for delivering high-quality data to many of the world’s most discriminating customers resonates with social media companies because higher quality data means vastly improved AI performance - a source of important competitive advantage for these companies.”
For more information, or to arrange a demonstration, please contact:
Suzanne Srsich
Telephone: (201) 371-8033
Email: ssrsich@innodata.com
For press enquiries, please contact:
Melody Travers
Email: Press@innodata.com
About Innodata
Innodata (NASDAQ: INOD) is a leading data engineering company. Prestigious companies across the globe turn to Innodata for help with their biggest data challenges. By combining advanced machine learning and artificial intelligence (ML/AI) technologies, a global workforce of over 3,500 subject matter experts, and a high-security infrastructure, we’re helping usher in the promise of digital data and ubiquitous AI.
www.innodata.com
1 “AI in Social Media Market Research Report, by Technology (Deep Learning, NLP), Application (Sales & Marketing, Customer Experience Management), Component (Solution, Service), Enterprise Size (Large Enterprise, SME), End-User— Global Forecast till 2023” (February 2021, Market Research Future)
Forward Looking Statements
This press release may contain forward-looking statements within the meaning of Section 21E of the Securities and 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; that contracts may be terminated by clients; projected or committed volumes of work may not materialize; continuing Digital Data Solutions segment reliance on project-based work and the primarily at-will nature of such contracts and the ability of these clients to reduce, delay or cancel projects; the likelihood of continued development of the markets, particularly new and emerging markets, that our services support; continuing Digital Data Solutions segment revenue concentration in a limited number of clients; 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; changes in our business or growth strategy; 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 clients and prospective clients 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; our 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, client, 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 15, 2021, as updated or amended by our other filings 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. 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.