Two weeks ago, Imagination Technologies announced that it would be putting itself up for sale, following on from its dispute with Apple. Essentially, Apple no longer wants to license GPU technology and wants to create its own, Imagination doesn’t exactly see that being a possibility without treading on a patent somewhere along the line. Today, Imagination confirmed that it has made no progress in its spat with Apple, nor has it managed to secure a buyer just yet.
As Reuters reports, Imagination did manage to return to profitability during the last financial year, bouncing back from a £26.8 million loss the year before. However, with Apple jumping ship, the company’s share value has dropped dramatically.
This sudden drop has caused Imagination to change course, despite the progress it made over the last financial year, according to the company’s CEO, Andrew Heath: “Apple’s unsubstantiated assertions and the resultant dispute have forced us to change our course, despite the clear progress we have been making.”
KitGuru Says: This has been quite the saga so far- it has also been a very unexpected change of course for Apple/Imagination. I would be surprised if a buyer didn’t come along at some point though, even if it were just for the patent portfolio.