NEW YORK, NY / ACCESSWIRE / November 3, 2022 / Innodata Inc. (NASDAQ:INOD), a leading data engineering company, today announced that it has begun ramping up its Synodex medical records data extraction platform managed service for a Fortune 500 life insurance customer. Innodata now estimates the engagement at $2.3 million per year of ongoing annual revenue, up from the previously announced $1.8 million.
"We're very pleased to announce that we are now ramping up this important engagement," said Jack Abuhoff, Innodata Chief Executive Officer. "Our Synodex managed service platform enjoys a net retention rate of over 150%, so this new deal brings considerable lifetime customer value.
"Moreover, the win underscores the value that life insurance companies are finding in our solution, which we believe to be the only available solution for turning rich, granular, unstructured and semi-structured medical information found in traditional and EHR medical records into human-readable summaries and digital data feeds in JSON, XML, HL7, and FHIR formats used to power automated/augmented underwriting and analytics. With Synodex, companies are able to simplify underwriting processes, improve time service and reduce costs."
In its August earnings announcement, Innodata predicted that the deal would begin ramping in October and would yield approximately $1.8 million per year of recurring revenue. Recently, the customer extended the scope of the engagement from two to three of its market segments, resulting in an expected $500,000 increase in annual recurring revenue. By mutual agreement, the win - now anticipated to total $2.3 million per year of ongoing annual revenue - replaced a portion of an estimated $3.7 million, one-time data annotation project which had been scheduled to be completed in the second and third quarters of this year but which the customer no longer required.
Learn more about Innodata's Synodex medical data extraction and summarization here and stay up to date on recent Innodata news here.
About Innodata
Innodata (NASDAQ:INOD) is a global data engineering company delivering the promise of AI to many of the world's most prestigious companies. We provide AI-enabled software platforms and managed services for AI data collection/annotation, AI digital transformation, and industry-specific business processes. Our low-code Innodata AI technology platform is at the core of our offerings. In every relationship, we honor our 30+ year legacy delivering the highest quality data and outstanding service to our customers. Visit www.innodata.com to learn more.
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SOURCE: Innodata Inc.