Company:Smart Technologies
 | |
| Type | Subsidiary |
|---|---|
| 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] (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]
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
- ↑ "SMART Technologies - Annual Reports". SMART. http://files.shareholder.com/downloads/ABEA-4CUEER/174789861x0x837795/8553C4BC-C9A4-48B3-9698-5E671C0F4AD3/FY15_ANNUAL_REPORT.pdf.
- ↑ 2.0 2.1 "20-F". https://www.sec.gov/Archives/edgar/data/1489147/000119312516615485/d125028d20f.htm.
- ↑ 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.
- ↑ 4.0 4.1 "SMART founders setting a new course". Calgary Herald. https://calgaryherald.com/business/smart-founders-setting-a-new-course.
- ↑ "Google releases Jamboard, a high-tech whiteboard for office meetings". Toronto Star, November 12, 2016. pageB4. Steven Overly.
- ↑ 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.
- ↑ GOLIATH: Business Knowledge on Demand Smart Digital Vision Touch technology, 1 November 2003
- ↑ Business Standard SMART Files Patent Infringement Against NextWindow, 3 April 2009
- ↑ Innovative Interactivity (II) SMART Technologies' acquisition of NextWindow: A "smart window" to the world, 6 May 2010
- ↑ Yahoo! Canada Finance Smart Technologies Inc. Raises $660 Million in IPO on The NASDAQ Stock Market, Largest IPO of 2010, 16 July 2010
- ↑ Bloomberg Smart Technologies Raises $660 Million in Second-Biggest U.S. IPO of 2010, 15 July 2010
- ↑ "Smart Technologies Inc hit by investor lawsuit over alleged securities laws violations". PRLOG. December 6, 2010.
- ↑ "Izard Nobel LLP Announces Class Action Lawsuit Against Smart". Bloomberg News . December 13, 2010.
- ↑ Settlement agreement of class action lawsuit Ontario Court of Justice
- ↑ nbcnews.com SMART Increases Interactive Whiteboard Product Category Share, 20 May 2011
- ↑ 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.
- ↑ "SMART Announces Corporate Restructuring" . Smart Technologies.
- ↑ "Layoffs at SMART Technologies Inc." CBC. December 11, 2012
- ↑ "Calgary's SMART Technologies to lay off 25% of staff". CBC. December 11, 2012
- ↑ "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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