CALGARY – Foxconn will purchase Smart Technologies in an all-cash deal worth $200 million.

The agreement is pending a shareholder vote in July.

Last fall Calgary-based Smart said it would undertake a review given slower-than-anticipated sales growth and a weaker-than-expected fiscal outlook for 2016, and has been seeking potential buyers since, according to reports.

The company designs and builds a patented interactive whiteboard for students. It has more than 600 employees globally, 400 in Calgary.

Revenues have been falling and the company has been taking losses of late. Fiscal fourth quarter 2016 revenues declined $17 million year-over-year to $68 million. Full year revenues were $348 million, a decrease of $83 million from 2015. The company said the drop was a result of lower sales of its interactive whiteboards and projectors. It reported an adjusted net loss of $37.4 million for the year.

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