Smart Technologies Explained
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.
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
Notes and References
- News: SMART Technologies - Annual Reports . SMART . 2015-07-07 . July 8, 2015 . https://web.archive.org/web/20150708121852/http://files.shareholder.com/downloads/ABEA-4CUEER/174789861x0x837795/8553C4BC-C9A4-48B3-9698-5E671C0F4AD3/FY15_ANNUAL_REPORT.pdf . live .
- Web site: 20-F. www.sec.gov. 2019-08-27. August 27, 2019. https://web.archive.org/web/20190827021831/https://www.sec.gov/Archives/edgar/data/1489147/000119312516615485/d125028d20f.htm. live.
- Book: Hasso Plattner. Christoph Meinel. Larry Leifer. Design Thinking: Understand – Improve – Apply. 13 December 2010. Springer Science & Business Media. 978-3-642-13757-0. 157–. November 19, 2016.
- News: SMART founders setting a new course. Calgary Herald. May 3, 2021. April 23, 2021. https://web.archive.org/web/20210423051728/https://calgaryherald.com/business/smart-founders-setting-a-new-course. live.
- https://www.thestar.com/business/2016/11/12/google-releases-jamboard-a-high-tech-whiteboard-for-office-meetings.html "Google releases Jamboard, a high-tech whiteboard for office meetings"
- News: Liebrecht. Deia. West Area Gets Smart With Technology. The Ledger. November 27, 2007. en. April 6, 2018. July 17, 2018. https://web.archive.org/web/20180717185725/http://www.theledger.com/news/20071127/west-area-gets-smart-with-technology. live.
- http://goliath.ecnext.com/coms2/gi_0199-1181973/SMART-Digital-Vision-Touch-technology.html GOLIATH: Business Knowledge on Demand
- http://www.business-standard.com/india/news/smart-files-patent-infringement-lawsuit-against-nextwindow/353901/ Business Standard
- http://www.innovativeinteractivity.com/2010/05/06/smart-technologies-acquires-nextwindow/ Innovative Interactivity (II)
- http://ca.us.biz.yahoo.com/pz/100716/196686.html?.v=1 Yahoo! Canada Finance
- https://www.bloomberg.com/news/2010-07-15/smart-technologies-raises-660-million-in-second-biggest-u-s-ipo-of-2010.html Bloomberg
- http://www.prlog.org/11127411-smart-technologies-inc-hit-by-investor-lawsuit-over-alleged-securities-laws-violations.html "Smart Technologies Inc hit by investor lawsuit over alleged securities laws violations"
- https://www.bloomberg.com/apps/news?pid=conewsstory&tkr=2SA:GR&sid=a9MfmocNRTbc "Izard Nobel LLP Announces Class Action Lawsuit Against Smart"
- http://www.classaction.ca/CMSFiles/pdf/Securities/SMART/Stipulation_and_Settlement_Agreement.PDF Settlement agreement of class action lawsuit
- https://www.nbcnews.com/id/wbna43107545 nbcnews.com
- 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.
- http://www.integratednetworkcable.com/smart-board-installation/reflecting-on-smart-announces-corporate-restructuring "SMART Announces Corporate Restructuring"
- http://www.cbc.ca/player/Shows/ID/2315040426/ "Layoffs at SMART Technologies Inc."
- http://www.cbc.ca/news/canada/calgary/story/2012/12/11/calgary-smart-technologies-lay-offs.html "Calgary's SMART Technologies to lay off 25% of staff"
- News: SMART Technologies to be acquired by Taiwan's Foxconn Technology Group. 2016-05-26. Calgary Herald. 2018-02-11. en-US. June 4, 2018. https://web.archive.org/web/20180604095254/http://calgaryherald.com/business/local-business/smart-technologies-to-be-acquired-by-chinas-foxconn-technology-group. live.
