Britain-based Imagination Technologies, former chip designer for Apple and currently in a legal dispute with the iPhone maker, has put itself up for sale. Apple used Imagination’s technology and intellectual property for years. It formed the basis of Graphics Processor Units (GPUs) in Apple’s iPhones, tablets, iPods, TVs and watches. Also Read - iPhone SE 3 likely to bring some interesting specs at a budget, release timeline outAlso Read - Apple AR/VR headset mass production may be delayed until end of 2022 : Report
“Over the last few weeks, we have received interest from a number of parties for a potential acquisition of the whole group. The board has decided to initiate a formal sale process and is engaged in preliminary discussions with potential bidders,” Imagination said in a statement late. ALOS READ: Apple iPhone SE, Assembled in India, goes on sale in Bengaluru: Report
The company’s stock surged over 20 percent after it issued the statement, media reported. Apple announced in April that it would cut its reliance on Imagination within two years.