Smart Technologies

Smart Technologies Corporation
Subsidiary
Industry Computer technology
Computer software
Founded 1987 (1987)
Founder David Martin
Nancy Knowlton
Headquarters Calgary, Alberta, Canada
Area served
 Worldwide
Key people
 John Hui (CEO)
Products Interactive whiteboards
Revenue US$492.9 million (FY2015)
US$24.1 million (FY2015)[1]
Number of employees
 795
Parent Foxconn (2016–present)
Website www.smarttech.com

Smart Technologies Corporation is a Canadian company headquartered in Calgary, Alberta, Canada. Founded in 1987, Smart Technologies is best known as the developer of interactive whiteboards branded as "Smart Boards".[2]

History

Smart Technologies introduced its interactive whiteboard, branded Smart Board, in 1991.[3][4] In 2003, Smart developed and later patented DViT (Digital Vision Touch) technology.[5]

In 2009, Smart filed a patent infringement lawsuit against New Zealand-based NextWindow[6] before acquiring the company outright in 2010.[7]

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.[8][9] Later that year, several class action complaints were filed against SMART in the U.S. District Courts in New York and Illinois.[10][11] 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.[12]

As of the 2011 fiscal year end, Smart Board interactive whiteboards led the interactive whiteboard category[13] with a 63% share in the United States, 44% share in EMEA (Europe, Middle East and Africa) and 47% share globally.[14]

In 2011, Smart employed about 1,700 people. On December 11, 2012, SMART Technologies announced it would begin corporate restructuring.[15] The company proceeded to lay off 25% of its employees.[16] 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.[17]

In 2016, Smart was acquired by Foxconn for $200 million.[18]

References

  1. ↑ "SMART Technologies - Annual Reports" (PDF). SMART. Retrieved 2015-07-07.
  2. ↑ 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.
  3. ↑ "Google releases Jamboard, a high-tech whiteboard for office meetings". Toronto Star, November 12, 2016. pageB4. Steven Overly.
  4. ↑ Liebrecht, Deia (November 27, 2007). "West Area Gets Smart With Technology". The Ledger.
  5. ↑ GOLIATH: Business Knowledge on Demand Smart Digital Vision Touch technology, 1 November 2003
  6. ↑ Business Standard SMART Files Patent Infringement Against NextWindow, 3 April 2009
  7. ↑ Innovative Interactivity (II) SMART Technologies' acquisition of NextWindow: A "smart window" to the world, 6 May 2010
  8. ↑ 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
  9. ↑ Bloomberg Smart Technologies Raises $660 Million in Second-Biggest U.S. IPO of 2010, 15 July 2010
  10. ↑ "Smart Technologies Inc hit by investor lawsuit over alleged securities laws violations". PRLOG. December 6, 2010.
  11. ↑ "Izard Nobel LLP Announces Class Action Lawsuit Against Smart". Bloomberg News. December 13, 2010.
  12. ↑ Settlement agreement of class action lawsuit Ontario Court of Justice
  13. ↑ MSNbc.com SMART Increases Interactive Whiteboard Product Category Share, 20 May 2011
  14. ↑ 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.
  15. ↑ "SMART Announces Corporate Restructuring" Archived 2015-06-14 at the Wayback Machine.. Smart Technologies.
  16. ↑ "Layoffs at SMART Technologies Inc." CBC. December 11, 2012
  17. ↑ "Calgary's SMART Technologies to lay off 25% of staff". CBC. December 11, 2012
  18. ↑ "SMART Technologies to be acquired by Taiwan's Foxconn Technology Group". Calgary Herald. 2016-05-26. Retrieved 2018-02-11.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.