In the post-market trading session on Thursday, Innodata Inc. (NASDAQ: INOD) witnessed a notable uptick of 4.95%, reaching $9.11. That effectively recuperated the 5.55% downturn experienced during the regular session, concluding at $8.68. This surge was spurred by the company’s active participation in a consequential event.
This week, Innodata (INOD) participated in Needham’s 4th Annual Virtual Tech Week. Jack Abuhoff, the CEO of INOD, delivered presentations and orchestrated one-on-one meetings during this event.
In a recent corporate update, INOD disclosed the formalization of a master services agreement in September. Innodata entered into this agreement for the development of artificial intelligence (AI) with yet another major player in the global tech arena—a corporation whose AI initiatives have been a focus for INOD over the past year.
Based on meticulous research, this tech giant is projected to allocate several hundred million dollars towards generative AI data engineering services in 2024. Consequently, this victory, akin to other triumphs announced earlier in the summer, holds substantial potential. Although the collaboration is in its nascent stages, INOD envisions considerable prospects.
Remarkably, Innodata has now established master service agreements with five of the world’s largest technology companies, wherein it provides support for generative AI programs. Securing these agreements was no small feat, and INOD’s success serves as a testament to the robustness of its value proposition and capabilities.
Armed with these agreements, Innodata is strategically positioned for substantial growth in 2024. Noteworthy mentions from the business landscape reveal that product-centric tech behemoths are actively exploring the integration of generative AI-powered experiences across their product portfolios, reshaping user interactions.
During the summer, Innodata celebrated securing contracts with two new major tech clients from the “Big Five” and announced both the expansion of an existing program and the initiation of a new program with an established “Big Five” tech client. These endeavors are geared towards the advancement and training of large language models.
