Smart Technologies (styled as SMART Technologies) is a Canadian company headquartered in Calgary, Alberta, Canada and wholly owned by Foxconn. 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.
History Smart was founded in 1987 by husband and wife David Martin and Nancy Knowlton. In 1991, Smart introduced its interactive whiteboard, branded the "Smart Board"."Google releases Jamboard, a high-tech whiteboard for office meetings" . Toronto Star, November 12, 2016. pageB4. Steven Overly. In 2003, Smart developed and later patented DViT (Digital Vision Touch) technology which was an important feature of the SMART Board.GOLIATH: Business Knowledge on Demand Smart Digital Vision Touch technology, 1 November 2003
In 2009, Smart filed a patent infringement lawsuit against New Zealand-based NextWindowBusiness Standard SMART Files Patent Infringement Against NextWindow, 3 April 2009 before acquiring the company outright in 2010.Innovative Interactivity (II) SMART Technologies' acquisition of NextWindow: A "smart window" to the world, 6 May 2010 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.Yahoo! Canada Finance Smart Technologies Inc. Raises $660 Million in IPO on The NASDAQ Stock Market, Largest IPO of 2010, 16 July 2010Bloomberg Smart Technologies Raises $660 Million in Second-Biggest U.S. IPO of 2010, 15 July 2010 Later that year, several class action complaints were filed against Smart in the U.S. District Courts in New York and Illinois."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. 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.Settlement agreement of class action lawsuit Ontario Court of Justice
As of the 2011 fiscal year end, Smart Board interactive whiteboards led the interactive whiteboard categorynbcnews.com SMART Increases Interactive Whiteboard Product Category Share, 20 May 2011 with a 63% share in the United States, 44% share in EMEA (Europe, Middle East and Africa) and 47% share globally.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. 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.
On December 11, 2012, Smart Technologies announced it would begin corporate restructuring."SMART Announces Corporate Restructuring" . Smart Technologies. The company proceeded to lay off 25% of its employees."Layoffs at SMART Technologies Inc." CBC. December 11, 2012 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."Calgary's SMART Technologies to lay off 25% of staff" . CBC. December 11, 2012 In 2016, SMART Technologies Inc. was acquired by Foxconn for $200 million.
References
External links Official Site Corporate Logo Guide SMART Boards for Schools