Imagination Technologies has announced that it has replaced the multi-year, multi-use license agreement with Apple, first announced on February 6 2014, with a new multi-year license agreement under which Apple has access to a wider range of Imagination’s intellectual property in exchange for license fees.
The announcement comes three years after Apple decided to break ties with Imagination.
Imagination is a UK-based company that creates silicon and software IP (intellectual property) designed to give its customers an edge in a competitive global technology market. Its graphics, compute, vision & AI, and connectivity technologies enable PPA (Power, Performance and Area), robust security, fast time-to-market and lower total cost of ownership.
Founded in 1985, Imagination had been one of the UK’s leading tech firms, however, after Apple decided to produce their own GPUs and move away from the company, Imagination’s future was in jeopardy as more than 50% of its revenues came from the Silicon Valley company.
Following Apple’s decision to walk away, the shares in Imagination plummeted and the firm was sold to Canyon Bridge, a global private equity investment fund for a reported £550m – a fraction of the tech firm’s former value.