By mid-2013, the Diligent stock price had reached over $8.00 NZD a share. Between 20, company revenue grew by 165%. Diligent made its first operating profit in 2012. With the release of the Apple iPad in 2010, Diligent developed an app for this new platform and commenced a period of explosive growth in client numbers. Company growth and revenue restatement issues
Diligent's share price collapsed to $0.14 by March 2009 but later recovered to lead the pack of technology listings. Henry remained on the Board, his value to the company recognised by the other members of the board. Coincidentally, Russell, in the 1980s worked for the Bank of New Zealand, which had lent the company $15.5m on a handshake." Henry was replaced by Alessandro Sodi, who was then President. We have no concerns whatsoever." It was reported that "Diligent's promoters and directors, including director Mark Russell of law firm Buddle Findlay, knew of Brian's connection with Energycorp, but decided not to disclose. However, some journalists at the time claimed that Diligent's PR firm and attorneys "should have advised Henry to publicly acknowledge his history." In fact, Diligent's IPO attorney, Mark Russell, said his firm, Buddle Findlay, "was proud to have our brand associated with Diligent and with Brian in particular. The day following Diligent's listing, the company announced Henry's resignation as CEO due to the oversight of the disclosure of this information. Diligent released a statement clarifying that Gerald Henry was not associated with the company. Gerald Henry was given jail term for fraud in 1991 due to a subset of US law. These bankruptcies occurred in the late 1980s due to the 1987 share market crash. While fundraising for the company was successful, prior to the company listing some information became public regarding bankruptcies of original founder and CEO Brian Henry and his brother Gerald Henry. At the same time, the company renamed MCP to Diligent Board Member Services "to reflect the firm's shift of focus to corporate governance service delivery." By 2006, Diligent had expanded to Europe, Canada, and the UK.ĭiligent listed on the New Zealand Exchange (NZX) in 2007 with a $24m NZX IPO, valuing the company at $115m. Henry was named CEO of the new entity, Sodi, President, and Carroll, chairman. In 2003, Henry and Borg formed Diligent Partners, together with Sharon Daniels, Dan Kiley, Kenneth Carroll, Alessandro Sodi, Marc Daniels and Robert Craig.
#Diligent boards app software#
Henry and Borg, and later the Diligent Partners, recognized the value of this innovative technology and invested most of the profits from other consultancy projects into the continuing development of the new software product.
#Diligent boards app license#
SunAmerica became the first company to license the new, web-based Boardbook. In 2000, when SunAmerica expressed their desire to do away with their burdensome hard-copy corporate board paper books, Henry conceived of and hand-drew the design for the original and first web-based "Boardbook." Marco Morsella, the first employee hired by Henry and Borg in 1997 to be MCP's graphic designer, created a digital GUI based on Henry's design. Eventually, Henry turned over the day-to-day management of the SunAmerica account to Sodi. In 1999, Alessandro Sodi was hired and trained by Henry and Borg to assist in account management.
In 1998, SunAmerica became a client of Manhattan Creative Partners after SunAmerica director Peter Harbeck and Brian Henry discovered a joint passion as airplane owners and recreational pilots.
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