Sci-tech

UK's Imagination Technology up for sale after battle with Apple

UK's Imagination Technology up for sale after battle with Apple”

Imagination Technologies announced today that it has entered a formal sale process for the group, and is already in talks with potential buyers.

The company said in April that Apple had notified it of its decision to develop its own graphics chips and would no longer use Imagination's processing designs in 15 months to two years time. Ensigma offers IP licensing for connectivity in mobile computing, unmanned systems and IoT gadgets.

United Kingdom chip designer Imagination Technologies - which is in dispute with Apple, its largest customer - has put itself up for sale.

Shares in the company more than halved in April when Imagination said that Apple would stop using its products.

Imagination shares closed at 123.5 pence on Wednesday.

The company remains in dispute with Apple, it said.

Imagination last month began a dispute resolution process with Apple and has reserved its rights over the U.S. giant's "unauthorised use" of its confidential information and intellectual property rights.

He said efforts to offload MIPS and Ensigma in a bid to strengthen the balance sheet "clearly weren't enough", even though both operate in strong potential growth areas that could have delivered lasting revenue accretion to offset the loss of Apple.

Imagination said at the time it has been unable to make satisfactory progress with Apple for an alternative commercial arrangement for the current license and royalty agreement.



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