Founders and Intel Capital maintain meaningful stakes in the company
CALGARY, ALBERTA --- August 29, 2007 --- SMART Technologies ULC announces that the transaction announced in July, whereby funds advised by Apax Partners would take a significant minority position in the company, has now closed. Each of the founders, David Martin and Nancy Knowlton, and Intel Capital continue to retain significant minority interests. Martin and Knowlton retain their positions atop the company as Executive Chairman and CEO, respectively. No changes are anticipated in the company’s operations as a result of the closing of the transaction. The company is not disclosing details of the transaction.
The operating company’s name, previously SMART Technologies Inc., has now been changed to SMART Technologies ULC, following a merger of entities within the group as part of the transaction. The board of directors includes Martin and Knowlton, Executive Chairman and CEO, respectively, Arvind Sodhani, President, Intel Capital, Rajiv Goel, Managing Director, Intel Corporation, Salim Nathoo, Partner, Apax Partners, and Adil Haque, Principal, Apax Partners.
SMART Technologies ULC. supplies ICT products that are suitable for interactive display applications and facilitate a more interactive, collaborative environment. SMART products include the family of award-winning SMART Board™ interactive whiteboards, as well as interactive pen displays, interactive digital signage, wireless slates and software. Using SMART products, groups can access and share the information they need to meet, teach, train and present. SMART has been issued and maintains a broad portfolio of patents with numerous other U.S., Canadian and foreign patents pending. SMART customers include NASA, Texas Instruments, BMW, Toyota Motors, DaimlerChrysler, Boeing, Lucent Technologies, NTT, the Los Angeles Lakers, Novartis, the U.S. Joint Chiefs of Staff, Accenture, Procter & Gamble, British Telecom, Disney Imagineering and Harvard University.
SMART is a private company founded in 1987. Employing more than 1,000 people, SMART is headquartered in Calgary, Alberta, Canada, with assembly facilities in Ottawa, and offices in Bonn, Tokyo, Shanghai, New York City, Chicago and Washington, DC. In 1992, SMART formed a strategic alliance with Intel Corporation that resulted in joint product development and marketing efforts, and Intel Capital’s equity ownership in the company. SMART products are sold through dealers across North America and distributors worldwide. For more information, visit www.smarttech.com.