SOURCE: Diligent Board Member Services

Diligent Board Member Services

July 20, 2011 08:30 ET

Apple iPad Drives Fourth Consecutive Record-Breaking Quarter for Diligent Board Member Services

NEW YORK, NY--(Marketwire - Jul 20, 2011) - Diligent Board Member Services (NZX: DIL) ( closed its fourth consecutive record-breaking quarter, recording additional net annualized license fee income of $US 2.94 million for the second quarter of 2011, a 326% increase from the second quarter of 2010, and a 56% increase over their first quarter net annualized license fee income of $US 1.88 million. Fueled by demand for Diligent Boardbooks® on the iPad, Diligent recorded a 97% increase in cumulative annualized license fee income to $US 14.87 million over $US 7.55 million the previous year.

Further cementing its position as the world's leading board portal provider, Diligent finalized 133 net new client agreements during the second quarter, including 31 NYSE and 19 NASDAQ companies, an increase of 269% over the 36 net new agreements finalized during the second quarter of 2010. At the close of the second quarter, Diligent now has 653 public and private companies, comprising over 1,000 boards and 16,500 individual users on the Diligent Boardbooks platform; including 104 Fortune 1000 companies.

"As we have seen throughout 2011, the business world's enthusiastic embrace of the Apple iPad and its integration into boardrooms has continued to be one of the key drivers of our record breaking sales," said Alex Sodi, president and CEO. "By combining our market-leading software and exceptional customer service team with the world's premier tablet, we anticipate the level of demand for Diligent Boardbooks to increase as the iPad continues to become a boardroom staple."

Net sales revenue for Q2 2011 increased 91% to $US 3.67 million, up from $US 1.92 million in Q2 of 2010.

About Diligent Board Member Services, Inc (NZX: DIL)

Diligent Board Member Services provides company directors, executives and administrators with Diligent Boardbooks®, an easy-to-use system of securely compiling, distributing, viewing, and archiving materials within a Software-as-a-Service (SaaS) model.

"Diligent Boardbooks" is a registered trademark of Diligent Board Member Services.

This document contains forward-looking statements within the meaning of the safe harbor provisions of the Securities Litigation Reform Act of 1995. Terms such as "expect," "believe," "continue," and "grow," as well as similar comments, are forward-looking in nature. Although the Company believes its growth plans are based upon reasonable assumptions, it can give no assurances that such expectations can be attained. Factors that could cause actual results to differ materially from the Company's expectations include: general business and economic conditions, competitive factors, raw materials purchasing, and fluctuations in demand. Please refer to the Company's Securities and Exchange Commission filings for further information.