Tech

UK chip group Imagination Technologies strikes new Apple deal

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UK chip company Imagination Technologies has reached a new licensing deal with Apple, nearly three years after it was laid low by the tech group’s decision to scrap a previous agreement between the two.

In a brief statement early on Thursday, Imagination said it had reached “a new multiyear license agreement under which Apple has access to a wider range of Imagination’s intellectual property in exchange for licensing fees.” The US company confirmed the agreement, but did not disclose any more details.

Apple’s abandonment of Imagination’s previous generation of graphics technology in 2017 became a symbol of the unhealthy reliance many components makers had developed on the US company.

Apple had come to account for around half of Imagination’s revenues, and the UK company’s share price plunged by nearly 70 per cent on the day it revealed it had lost its biggest customer. Apple went on to focus more on in-house development of graphics processors, or GPUs, for its devices.

The loss forced Imagination to put itself up for sale and it was bought by Canyon Bridge, a China-backed private equity firm, for £550m, little more than a quarter of its peak value five years before.

The new deal with Apple comes a month after Imagination launched a new generation of its mobile GPU architecture that it called its most important in 15 years.

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