Company:Smart Technologies

From HandWiki
Smart Technologies ULC
TypeUnlimited liability corporation
IndustryComputer technology
Computer software
Founded1987; 39 years ago (1987)
FounderDavid Martin
Nancy Knowlton
Area served
Worldwide
Key people
Nicholas Svensson (CEO)
ProductsInteractive whiteboards
RevenueUS$492.9 million (FY2015)
US$24.1 million (FY2015)[1]
Number of employees
795
ParentFoxconn
Websitesmarttech.com

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]

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]


References

  1. ↑ "SMART Technologies - Annual Reports". SMART. http://files.shareholder.com/downloads/ABEA-4CUEER/174789861x0x837795/8553C4BC-C9A4-48B3-9698-5E671C0F4AD3/FY15_ANNUAL_REPORT.pdf. 
  2. ↑ 2.0 2.1 "20-F". https://www.sec.gov/Archives/edgar/data/1489147/000119312516615485/d125028d20f.htm. 
  3. ↑ Hasso Plattner; Christoph Meinel; Larry Leifer (13 December 2010). Design Thinking: Understand – Improve – Apply. Springer Science & Business Media. pp. 157–. ISBN 978-3-642-13757-0. https://books.google.com/books?id=LAbIwOwHz1MC&pg=PA157. Retrieved November 19, 2016. 
  4. ↑ 4.0 4.1 "SMART founders setting a new course". Calgary Herald. https://calgaryherald.com/business/smart-founders-setting-a-new-course. 
  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" (in en). The Ledger. http://www.theledger.com/news/20071127/west-area-gets-smart-with-technology. 
  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) SMART Technologies' acquisition of NextWindow: A "smart window" to the world, 6 May 2010
  10. ↑ Yahoo! Canada Finance 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 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" . 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" (in en-US). Calgary Herald. 2016-05-26. https://calgaryherald.com/business/local-business/smart-technologies-to-be-acquired-by-chinas-foxconn-technology-group. 



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