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Innodata withdraws bid to acquire Appen shares

EditorEmilio Ghigini
Published 13/03/2024, 13:02
© Reuters.
INOD
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NEW YORK - Innodata Inc. (NASDAQ:INOD), a global data engineering firm, announced today that it has retracted its proposal to acquire all shares of Appen Limited (ASX:APX). The bid, initially submitted on February 13, 2024, was made public by Appen on March 12 following a trading halt on the Australian Stock Exchange (ASX) and subsequent disclosure request.

The non-binding, indicative proposal was intended to remain confidential, a condition that Innodata emphasized in its withdrawal statement. Despite the retraction of the proposal, Innodata remains confident about its financial outlook, confirming its expectation to surpass the 20% revenue growth target for 2024.

Innodata, known for its AI-enabled software platforms and managed services, has been serving prestigious companies worldwide for over 30 years. Its low-code Innodata AI technology platform lies at the core of its offerings, focusing on AI data collection/annotation, AI digital transformation, and industry-specific business processes.

The company's forward-looking statements, as outlined in the press release, reflect management's current expectations and predictions. These include projections about operations, economic performance, and financial condition, subject to a variety of risks and uncertainties. Factors such as market conditions, customer contracts, competition, technological changes, and reliance on information technology systems could materially affect actual results.

Potential investors and stakeholders are cautioned not to place undue reliance on these forward-looking statements, which are only valid as of their date. Innodata has committed to updating or reviewing any forward-looking statements as new information or future developments arise, in compliance with federal securities laws.

This news article is based on a press release statement from Innodata Inc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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