Innodata Isogen, Inc. (INOD)

Innodata Isogen is in the business of Knowledge Process Outsourcing. A fancy way of saying that they reproduce E-Books, tech writing, editorial services, publishing, training, and the gambit of information gathering, packaging and distributing. I like their shorter version of what they do better! The e-books in particular appear to be a growth opportunity. With only 10% of their current revenue, they are receiving new orders. The concern here is that Amazon or a bigger player may try to put the squeeze on them. With margins of 16%, ROE of 45%, and a strong revenue growth, even in this envronment, it appears to me that they are still undervalued. They are a tiny in the industry with a small market cap, but with virtually no debt. Cash flow looks weak because of their size, but is growing. 19% insider holdind and starting to get some institional interest. Information and the need to sort it and gather it is growing at a rapid rate. If Innodata can hold and grow a small piece of the pie, then I'm optimistic that they will grow at a good return.