Smart Technologies

"Smart board" redirects here. For other uses, see interactive whiteboard.

Smart Technologies

Company type	Subsidiary
Industry	Computer technology Computer software
Founded	1987; 37 years ago (1987)
Founder	David Martin Nancy Knowlton
Area served	Worldwide
Key people	Nicholas Svensson (CEO)
Products	Interactive whiteboards
Revenue	US$492.9 million (FY2015)
Net income	US$24.1 million (FY2015)[1]
Number of employees	795
Parent	Foxconn
Website	smarttech.com

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

1. "SMART Technologies - Annual Reports" (PDF). SMART. Archived (PDF) from the original on July 8, 2015. Retrieved July 7, 2015.
2. "20-F". www.sec.gov. Archived from the original on August 27, 2019. Retrieved August 27, 2019.
3. 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. Retrieved November 19, 2016.
4. "SMART founders setting a new course". Calgary Herald. Archived from the original on April 23, 2021. Retrieved May 3, 2021.
5. "Google releases Jamboard, a high-tech whiteboard for office meetings" Archived June 8, 2017, at the Wayback Machine. Toronto Star, November 12, 2016. pageB4. Steven Overly.
6. Liebrecht, Deia (November 27, 2007). "West Area Gets Smart With Technology". The Ledger. Archived from the original on July 17, 2018. Retrieved April 6, 2018.
7. GOLIATH: Business Knowledge on Demand Archived June 15, 2011, at the Wayback Machine Smart Digital Vision Touch technology, 1 November 2003
8. Business Standard Archived May 3, 2010, at the Wayback Machine 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 Archived November 5, 2012, at the Wayback Machine 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" Archived October 5, 2012, at the Wayback Machine. PRLOG. December 6, 2010.
13. "Izard Nobel LLP Announces Class Action Lawsuit Against Smart" Archived September 24, 2015, at the Wayback Machine. 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. 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 Archived January 3, 2015, at the Wayback Machine 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." Archived February 23, 2014, at the Wayback Machine 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. Archived from the original on June 4, 2018. Retrieved February 11, 2018.

External links

• Official Site
• Corporate Logo Guide
• SMART Boards for Schools