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Smart Technologies

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]

External links

References

  1. SMART Technologies - Annual Reports SMART, retrieved 2015-07-07^
  2. 20-F www.sec.gov, retrieved 2019-08-27^
  3. Design Thinking: Understand – Improve – Apply Springer Science & Business Media, 13 December 2010, retrieved November 19, 2016^
  4. SMART founders setting a new course Calgary Herald, retrieved May 3, 2021^
  5. "Google releases Jamboard, a high-tech whiteboard for office meetings". Toronto Star, November 12, 2016. pageB4. Steven Overly.^
  6. Deia Liebrecht. West Area Gets Smart With Technology The Ledger, November 27, 2007, retrieved April 6, 2018^
  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. [http://ca.us.biz.yahoo.com/pz/100716/196686.html?.v=1 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 Calgary Herald, 2016-05-26, retrieved 2018-02-11^