Diligent announces growth

Software company Diligent announced sales growth of 60 per cent in the first quarter to March 31.

The New York-based company sells and licenses software that looks after the paperwork for corporate board members.

It said sales increased from US$370,000 ($468,710) for the first quarter last year to US$592,000 this year.

Diligent said its business was "somewhat seasonal" and the first quarter was historically a quiet period.

Annual licence fees, which reflect the ongoing yearly value of licences in effect, increased by 426 per cent to US$321,000.

Diligent has 12 fully trained sales people compared to three at the same time last year.

Fifteen new licences were added during the last quarter up from three.

The number of clients who have expressed an interest in Diligent products has more than doubled.

The company said IPO funds enabled it to focus on laying a foundation for growth.

The company raised $24 million in December, issuing stock at $1 a share.

Diligent shares last traded at 61c on Tuesday having recovered from slumping to a record low of 54c in March.

- NZPA