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Diligent nabs Weldon for board role

Monday 14th May 2012

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Diligent Board Member Services, the software company that's been one of New Zealand’s best-performing stocks in the past two years, has secured former NZX boss Mark Weldon as a director.

Weldon, who finished a decade as chief executive of the stock exchange this month, accepted Diligent's invitation to join its board, saying the firm is "truly global in scope" and is an "exciting company to be involved with."

Diligent chairman David Liptak said Weldon brings "a wealth of unique and in-depth skills encompassing strategy development, corporate finance, governance, entrepreneurial and operational matters in both the domestic and international areas."

The software-as-a-service (Saas) company has been a top performer on the stock exchange since it hit rock-bottom in March 2009, when it traded at just 7 cents a share. The shares last traded at $3.30, a stratospheric 4,614 percent gain from its 2009 lows.

Diligent posted record quarterly sales in the first three months of the year of US$8.2 million, and made its third successive operating profit. The company sells operational software to corporate boards and businesses, and has chalked up much of its success to leveraging its Diligent Boardbooks iPad application.

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