SOURCE: Diligent Board Member Services

Diligent Board Member Services

April 18, 2011 09:00 ET

Record Breaking Quarter for Diligent Board Member Services; iPad Application Fuels Growth

NEW YORK, NY--(Marketwire - Apr 18, 2011) - Diligent Board Member Services (NZX: DIL) ( closed a record-breaking quarter, recording additional net annualized license fee income of $US 1.88 million for the first quarter of 2011, a 218% increase from the comparable period a year earlier. This also represents a 20% increase from the previous record, posted in the fourth quarter of 2010. Driven by the release of the Boardbooks Apple iPad application in September, Diligent has also recorded a significant increase in cumulative annualized license fees, reporting growth of $US 3.45 million, or more than 40%, over the past two quarters. These cumulative fees are now close to $US 12 million.

Highlights from the first quarter of 2011 include a net of 64 new board portal clients. New client agreements represented a 78% increase over the same period last year (36 new clients were added in Q1 2010). Diligent now has 520 clients, more than 850 individual boards and more than 13,000 individual users of the Boardbooks portal; including 134 New York Stock Exchange listed firms and 44 Fortune 500 companies. This stellar performance further strengthens the firm's position as market leader, with corporations of all sizes and industry sectors increasingly choosing Diligent as their web-based board portal provider.

"A key driver of our record-breaking revenue growth is our Apple iPad application," said Alex Sodi, president and CEO. "Since introducing the Apple iPad compatible version of Diligent Boardbooks®, we have experienced unparalleled demand for the product. With the recent introduction of the iPad 2 and other e-reader devices continuing to generate a high level of interest across the globe, we anticipate a whole new level of demand for Diligent Boardbooks going forward."

Net sales revenue for Q1 2011 grew 70% to $US 2.97 million, up from $US 1.74 million in Q1 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.

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