You’d never want to lose Apple as a customer as its departure could mean deep trouble for your company. That’s what Imagination Technologies has found out the hard way. The company supplied graphics processors for Apple’s mobile devices. Its PowerVR GPU has long been at the heart of iOS devices. Apple confirmed a couple of months back that it will now be making its own GPU for iOS devices and ended its relationship with Imagination Technologies. The latter has now put itself up for sale.
Apple accounted for the bulk of Imagination’s business so when it was confirmed that the relationship between the two companies had ended abruptly, Imagination’s shares crashed almost 70 percent.
Imagination maintains that it’s in “dispute” with Apple over the breakup but it has also been trying to stay afloat. It has already put up its MIPS and Ensigma units up for sale.
In a press release sent out today, Imagination’s board of directors has confirmed that the entire company is now open to receive acquisition offers. A number of parties have approached with bids for a potential acquisition of the entire company. Imagination is now in preliminary discussions with the potential bidders.
No potential bidders have been named as yet so it will be interesting to see who picks up the pieces here. It also merits mentioning here that despite dumping it unceremoniously, Apple still owns an 8.1 percent stake in Imagination Technologies.