SMART TECHNOLOGIES went public
Context
In July 2010, SMART Technologies completed an initial public offering on both NASDAQ and the Toronto Stock Exchange, representing one of the largest technology IPOs of the year. The transaction consisted of a combination of newly issued shares and secondary shares sold by existing shareholders, including funds advised by Apax Partners and Intel Corporation. The offering was priced at $17 per share and raised approximately $660 million in gross proceeds. The company used the proceeds from the primary issuance to repay debt and support future growth initiatives, while Apax and other selling shareholders partially monetized their investments. Apax originally acquired a 49.9% stake in SMART in 2007 and partnered with management during a period of significant expansion. During its ownership period, revenue increased from approximately $379 million to $648 million, while adjusted EBITDA grew from $59 million to $166 million. Following the IPO, Apax retained approximately 28% ownership in the company, making the transaction a classic partial private equity exit through the public markets while preserving exposure to future value creation.
SMART TECHNOLOGIES, which reported an EBITDA margin of 25.6% in 2010, is valued in this transaction at an EV/EBITDA multiple of 5x–12x, representing a discount to the average currently observed in the TMT (Tech, Media, Telecom) sector (14.6x).
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Target
SMART Technologies is a Canadian provider of interactive learning and collaboration technologies serving the education, corporate, and government sectors. Headquartered in Calgary, the company is widely recognized as a pioneer in the interactive whiteboard industry. SMART develops hardware and software solutions that allow users to create, display, annotate, save, and share digital content in real time. Its products are primarily used in classrooms to support interactive learning environments, while also serving corporate and public-sector customers seeking collaboration and presentation tools.
Ent. Value
$1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
1x–3x
EV / EBITDA
5x–12x
EV / EBIT
10x–18x
Historical Financials (USD)
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REFERENCES
Valuation range: EV $1–10bn
Revenue range: $450–900M
EBITDA range: $100–200M
EV/Revenue range: 1x - 3x
EV/EBITDA range: 5x - 12x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of SMART TECHNOLOGIES by PUBLIC MARKETS (IPO) are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Target: smart technologies