Diligent posts records sales in latest quarter, driven by business iPad use

Board portal provider, which has development centre in Christchurch, boosts earnings

NZX-listed Diligent Board Member Services, which provides portal services to company boards of directors, has reported a 70 percent increase in quarterly sales, to US$1.88 million ($NZ2.38 million), for the first quarter of 2011, compared to the previous quarter last year.

The company's flagship Diligent Boardbooks product is a web-based portal where papers and materials related to board meetings can be stored and accessed.

The growth has been driven largely by the new iPad version of its Diligent Boardbooks product, the company notes in its commentary on the quarterly result, released on the NZX website today.

Corporate uptake of the iPad is helping drive demand for Diligent Boardbooks, the company notes in its commentary on the quarterly result.

“A key driver of sales in the past two quarters has been the tremendous growth and acceptance of the Apple iPad in executive suites around the world,” the commentary notes.

The company signed mining giant Rio Tinto as a client in the quarter, and says the Diligent Boardbooks iPad version was a major factor helping it win the deal.

The commentary notes:” Diligent introduced an Apple iPad compatible version of Diligent Boardbooks in September 2010.

“Since then, the company has experienced unparalleled demand for Diligent Boardbooks and its iPad-friendly application, to the point that at this time virtually all new clients are incorporating some iPad use in their implementation strategy.”

The commentary says greater understanding and acceptance of the SaaS model is also helping drive growth.

The company also increased its headcount and opened an Asia-Pacific office in the first quarter.

While headquartered in the US, it is listed on the NZX and has a software development centre in Christchurch. The centre was largely undamaged by the February 22 earthquake.

In its full-year result for the 2010 financial year, Diligent posted a profit of $US2.1 million.

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