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Company type | Unlimited liability corporation |
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Industry | Computer technology Computer software |
Founded | 1987 |
Founder | David 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 |
Smart Technologies [2] (styled as SMART Technologies) 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" (styled as SMART Board) widely used in education and business. [3]
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]