Smart Technologies

Author: Hou

Mar. 07, 2024

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Tags: Consumer Electronics

Technology company

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

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

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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

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