Smart Technologies

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Smart Technologies
Subsidiary
IndustryComputer technology
Computer software
Founded1987; 32 years ago (1987)
FounderDavid Martin
Nancy Knowlton
Area served
Worldwide
Key people
Greg Estell (CEO), Matt Sudak (EVP)
ProductsInteractive whiteboards
RevenueUS$492.9 million (FY2015)
US$24.1 million (FY2015)[1]
Number of employees
795
ParentSMART Technologies ULC, SMART Technologies Inc.
Websitesmarttech.com

SMART Technologies[2], is a Canadian company headquartered in Calgary, Alberta, Canada and wholly owned by SMART Technologies Inc.[3]. Founded in 1987 SMART is best known as the developer of interactive whiteboards branded as the "SMART Board".[4]

History

Smart Technologies introduced its interactive whiteboard, branded "SMART Board", in 1991.[5][6] In 2003, Smart developed and later patented DViT (Digital Vision Touch) technology.[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 ULC 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 Technologies Inc. employed about 1,700 people and in 2019 Smart Technologies Inc employs 600 with Corporation (US entity) employing 105 and SMART Technologies ULC (Canadian entity) employing 400 and the remaining employed by worldwide subsidiaries. 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" (PDF). SMART. Retrieved July 7, 2015.
  2. ^ "20-F". www.sec.gov. Retrieved August 27, 2019.
  3. ^ "20-F". www.sec.gov. Retrieved August 27, 2019.
  4. ^ 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.
  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. ^ MSNbc.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.

External links