Smart Technologies

Last updated

Smart Technologies
Type Subsidiary
Industry Computer technology
Computer software
Founded1987;36 years ago (1987)
FounderDavid Martin
Nancy Knowlton
Area served
Worldwide
Key people
Nicholas Svensson (CEO)
Products Interactive whiteboards
Revenue US$492.9 million (FY2015)
US$24.1 million (FY2015) [1]
Number of employees
795
Parent Foxconn
Website smarttech.com

SMART Technologies [2] (also known as "SMART") is a Canadian company headquartered in Calgary, Alberta, Canada and wholly owned by Foxconn. [2] Founded in 1987, SMART is best known as the developer of interactive whiteboards branded as the "SMART Board" popularly used in education and business. [3]

Contents

History

SMART was founded in 1987 by husband and wife David Martin and Nancy Knowlton. [4]

In 1991, SMART introduced its interactive whiteboard, branded the "SMART Board". [5] [6]

In 2003, SMART developed and later patented DViT (Digital Vision Touch) technology which was an important feature of the SMART Board. [7]

In 2009, SMART filed a patent infringement lawsuit against New Zealand-based NextWindow [8] before acquiring the company outright in 2010. [9]

On July 15, 2010 SMART Technologies placed an initial public offering on the NASDAQ stock exchange and Toronto Stock Exchange (TSX), raising upwards of $660 million. [10] [11] Later that year, several class action complaints were filed against SMART in the U.S. District Courts in New York and Illinois. [12] [13] Filed on behalf of the purchasers of the Class A Subordinate Voting Shares in Smart's IPO in July 2010, the complaints alleged that the company did not disclose important information prior to the IPO. A settlement was reached in March 2013. [14]

As of the 2011 fiscal year end, SMART Board interactive whiteboards led the interactive whiteboard category [15] with a 63% share in the United States, 44% share in EMEA (Europe, Middle East and Africa) and 47% share globally. [16]

In 2011, SMART employed about 1,700 people.

In April 2012, amid a declining stock price and sales resulting from decreased school board spending, both Martin and Knowlton resigned from their executive roles at Smart before leaving the board in April 2014. [4]

On December 11, 2012, SMART Technologies announced it would begin corporate restructuring. [17] The company proceeded to lay off 25% of its employees. [18] Then-CEO Neil Gaydon stated that it would save the company approximately $40 million, and cited competition in the market as part of the reason for restructuring. [19]

In 2016, SMART Technologies Inc. was acquired by Foxconn for $200 million. [20]

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References

  1. ↑ "SMART Technologies - Annual Reports" (PDF). SMART. Retrieved July 7, 2015.
  2. 1 2 "20-F". www.sec.gov. Retrieved August 27, 2019.
  3. ↑ Hasso Plattner; Christoph Meinel; Larry Leifer (December 13, 2010). Design Thinking: Understand – Improve – Apply. Springer Science & Business Media. pp. 157–. ISBN   978-3-642-13757-0.
  4. 1 2 "SMART founders setting a new course". Calgary Herald .
  5. ↑ "Google releases Jamboard, a high-tech whiteboard for office meetings". Toronto Star, November 12, 2016. pageB4. Steven Overly.
  6. ↑ Liebrecht, Deia (November 27, 2007). "West Area Gets Smart With Technology". The Ledger.
  7. ↑ GOLIATH: Business Knowledge on Demand Smart Digital Vision Touch technology, 1 November 2003
  8. ↑ Business Standard SMART Files Patent Infringement Against NextWindow, 3 April 2009
  9. ↑ Innovative Interactivity (II) Archived July 10, 2011, at the Wayback Machine SMART Technologies' acquisition of NextWindow: A "smart window" to the world, 6 May 2010
  10. ↑ Yahoo! Canada Finance Archived 2011-09-26 at the Wayback Machine Smart Technologies Inc. Raises $660 Million in IPO on The NASDAQ Stock Market, Largest IPO of 2010, 16 July 2010
  11. ↑ Bloomberg Smart Technologies Raises $660 Million in Second-Biggest U.S. IPO of 2010, 15 July 2010
  12. ↑ "Smart Technologies Inc hit by investor lawsuit over alleged securities laws violations". PRLOG. December 6, 2010.
  13. ↑ "Izard Nobel LLP Announces Class Action Lawsuit Against Smart". Bloomberg News. December 13, 2010.
  14. ↑ Settlement agreement of class action lawsuit Archived February 24, 2014, at the Wayback Machine Ontario Court of Justice
  15. ↑ nbcnews.com SMART Increases Interactive Whiteboard Product Category Share, 20 May 2011
  16. ↑ http://files.shareholder.com/downloads/ABEA-4CUEER/0x0x469964/e5d5ed0b-029d-4b61-b35f-544ba8bd3bc4/SMT_News_2011_5_20_General_Releases.pdf Interactive Displays / ICT Products Market: Quarterly Insight State of the Market Report, Quarter 4 2010, 31 March 2011.
  17. ↑ "SMART Announces Corporate Restructuring" Archived 2015-06-14 at the Wayback Machine . Smart Technologies.
  18. ↑ "Layoffs at SMART Technologies Inc." CBC. December 11, 2012
  19. ↑ "Calgary's SMART Technologies to lay off 25% of staff". CBC. December 11, 2012
  20. ↑ "SMART Technologies to be acquired by Taiwan's Foxconn Technology Group". Calgary Herald. May 26, 2016. Retrieved February 11, 2018.
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