Former chip designer for Apple, Imagination Technologies, said in a statement that it has put itself up for sale. Apple was Imagination Technologies' biggest sales partner and sales to Apple comprised half of Imagination Technologies' revenue last fiscal year.
Imagination Technologies was responsible for designing the Graphics Processor Units (GPUs) in Apple's iPhones, tablets, iPods, TV's and watches. However, in April, Apple announced its intention of stopping its reliance on Imagination Technologies within two years and in May Imagination Technologies said it had begun a “dispute resolution procedure” with Apple. However, it looks like Apple will be aiming to have its chips inside its own products by next year.
The decision by Apple has caused a drop of up to 70 percent in the value of Imagination Technologies and they were never really going to bounce back from that. Seeing the reports, Imagination Technologies has put two of its divisions up for sale — its installed MIPS processor innovation, and mobile network division Ensigma.
Imagination has already said in a statement that they have received offers for the purchase of both the divisions. However, there’s considerable uncertainty regarding the value of Imagination’s intellectual property at this point,