SOURCE: Diligent Board Member Services

Diligent Board Member Services

July 14, 2010 09:00 ET

Diligent Board Member Services -- Leading Board Portal Provider Reports 2nd Best Quarter

NEW YORK, NY--(Marketwire - July 14, 2010) -  Diligent Board Member Services, ( released its Quarterly Update for the period ended June 30, 2010 reporting its second best quarter in its eight year history.

Highlights included a net of 36 new board portal Clients added during the second quarter of 2010, compared to 20 for the second quarter of 2009, an improvement of 80%. Diligent now has 356 clients and more than 9,500 users of its Boardbooks portal, reinforcing Diligent's position as the global leader in board portals.

Net sales revenue was $US 1.92 million for the second quarter of 2010, compared to $US 1.16 million for the second quarter of 2009, a growth of 66%. Total annualized license fees were $US 7.55 million at the end of the second quarter of 2010, compared to $US 4.85 million at the end of the second quarter of 2009 -- a growth of 55% in annual recurring revenue.

Diligent Boardbooks'® growing reputation as the global leader in board portals has facilitated an increase in inbound inquiries. "Potential clients are demonstrating a greater understanding of the benefits of a board portal in terms of time, space and the energy of managing board and administrative processes online," said President Alex Sodi. "Additionally signings from client referrals from board members already using Diligent Boardbooks® are also making up an increasing proportion of our sales." 

About Diligent Board Member Services, Inc (NZSE: 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. 

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.

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