Shares in the software company Diligent Board Member Services have risen 6% after another record-breaking quarter of growth.
Diligent's software helps company boards keep track of their papers online and it generates its income from annual subscriptions for the software.
The net income from annualised licence fees, which includes new and cancelled business, rose fivefold to $US5 million in the three months to September compared with the same period in 2010, making Diligent profitable on an operational basis for the first time in its history.
The number of new licences quadrupled to 170 in the quarter, while upgrades hit a record $700,000.
In the nine months to September, fee revenue quadrupled to $9.8 million.
The popularity of the iPad among executives has boosted sales and Diligent chief executive Alex Sodi says there is no sign that interest is slowing globally.
He says the growth has been achieved without hiring extra sales staff and with the same marketing expenditure, something he believes is unique, even among software companies.
Mr Sodi says he believes the key to the company's success in tough economic times is comfort with the product and Diligent's expanding leadership role in the marketplace.
Diligent's share price rose 8c to $1.45 on Tuesday.
