Innodata withdraws bid to acquire Appen shares

Innodata Inc. $Innodata(INOD.US)$ , a global data engineering firm, announced today that it has retracted its proposal to acquire all shares of Appen Limited $Appen Ltd(APX.AU)$ . 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 $ASX Ltd(ASX.AU)$ 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.

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.