Software Startup Diligent Posts Record First Quarter Results

Start-up software designer Diligent Board Member Services has posted record first quarter financial results, registering a 70 percent rise in sales.

The New Zealand based firm offers the Boardbooks iPad app for companies to organise and manage board meetings. The app is also used for distributing meeting papers to each of the members. The company offers the service in a secure environments on its own platform and servers.

Diligent reported a 70 percent increase in sales to nearly $3 million. The company also received annualised licensing fees of $1.9 million, almost triple what it earned in the first quarter of the previous year.

“This growth is unprecedented considering that the first quarter is historically one of the company’s slowest quarters. To say that management and its Board of Directors is pleased with the last two quarters' results would be an understatement,” the company said in a statement (http://www.stuff.co.nz/business/industries/4887144/Diligent-sees-unparalleled-demand).

Diligent credits the rise its sales to the "tremendous growth and acceptance" of Apple's iPad in executive boardrooms around the globe. The company expects a better second quarter building on the launch of the iPad 2 and other e-reader devices "which, in turn, will engender a whole new level of demand for the Diligent Boardbooks product".