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{{Short description|British semiconductor and software design company}}
{{Use British English|date=January 2012}} {{Use British English|date=January 2012}}
{{Use dmy dates|date=January 2021}}
{{Infobox company {{Infobox company
| name = Imagination Technologies Group plc | name = Imagination Technologies Group Limited
| logo = ] | logo = Imagination Technologies logo.svg
| type = Public company | type = ]
| traded_as = {{lse|IMG}} | founded = {{Start date and age|1985}}
| founder = Tony Maclaren
| genre =
| area_served = Worldwide
| fate =
| key_people = Simon Beresford-Wylie (CEO)<br>Michael Trzupek (CFO)<br>Brent Blanchard (CRO)<br>Nick Merry (CHRO)
| predecessor =
| products = ] (GPU) designs
| successor =
| industry = Technology
| foundation = 1985
| revenue = ]120.0 million (2016)<ref name=AR>{{cite web|url=https://imagination-technologies-cloudfront-assets.s3.amazonaws.com/AnnualReports/IMG_Annual-Report_2016.pdf|title=Annual Report 2016|access-date=3 April 2017|archive-date=2 December 2017|archive-url=https://web.archive.org/web/20171202130501/https://imagination-technologies-cloudfront-assets.s3.amazonaws.com/AnnualReports/IMG_Annual-Report_2016.pdf|url-status=dead}}</ref>
| founder =
| operating_income = ](61.5) million (2016)<ref name=AR/>
| defunct =
| net_income = ](80.6) million (2016)<ref name=AR/>
| location_city = ], Hertfordshire
| aum =
| location_country = UK
| locations = | assets =
| area_served = | equity =
| num_employees = {{circa|500}} (2020)<ref>{{cite news |last=Williams-Grut |first=Oscar |date=2 January 2020 |title=Apple strikes deal with UK chipmaker two years after snub |url=https://uk.finance.yahoo.com/news/apple-imagination-technologies-deal-113501713.html |website=Yahoo! Finance}}</ref>
| key_people = Geoff Shingles (Chairman)<br>Sir Hossein Yassaie (CEO)<br>John Metcalfe (COO)
| owner = Canyon Bridge Capital Partners
| industry = Technology
| divisions = ]
| products = {{ubl|]|]}}
| production = | subsid =
| services = | footnotes =
| location = {{Nowrap|], England, UK}}
| revenue = ]127.5 million (2012)<ref name=prelims>{{cite web|url=http://www.imgtec.com/corporate/presentations/prelims12/Imagination_Results_Presentation_June-2012.pdf |title=Preliminary Results 2012 |format=PDF |date= |accessdate=2013-11-04}}</ref>
| locations =
| operating_income = ]28.4 million (2012)<ref name=prelims/>
| homepage = {{Official URL}}
| net_income = ]20.5 million (2012)<ref name=prelims/>
| aum =
| assets =
| equity =
| owner =
| num_employees = 900 (2011)<ref name=prelims/>
| parent =
| divisions = Technology, PURE Digital
| subsid =
| homepage = {{URL|http://www.imgtec.com}}
| footnotes =
| intl =
}} }}


'''Imagination Technologies Group plc''' ({{lse|IMG}}) is a British-based maker of a mobile graphics and microprocessor chip technology primarily known for its ] graphics and ] ] radio divisions. The company is listed on the ] and is a constituent of the ]. '''Imagination Technologies Group Limited''' is a British ] and ] design company owned by Canyon Bridge Capital Partners, a ] based in ] that is ultimately owned by the Chinese government. With its global headquarters in ], England, its primary business is in the design of ] mobile ] (GPUs), neural network accelerators for AI processing, and networking routers. The company was listed on the London Stock Exchange until it was acquired by Canyon Bridge in November 2017.


==History== ==History==
The company was founded in 1985 by Tony Maclaren, and subsequently led by him as group chief executive, as '''VideoLogic'''<ref>{{cite web|url=https://www.channelweb.co.uk/crn-uk/news/1870696/stock-watch-videologic|title=Videologic|date=10 December 1997|publisher=Chennelweb|access-date=14 January 2017}}</ref> and originally focused on ]s, sound ], home ]s, video-capture and ] systems,<ref name=analyst> 9 July 2008</ref> making interactive video products for personal computers.<ref name="practicalcomputing198609_videologic">{{ cite magazine | url=https://archive.org/details/practical-computing/PracticalComputing-1986-09/page/56/mode/2up | title=VideoLogic MIC-2000 Interactive Video | magazine=Practical Computing | last1=Beesley | first1=Simon | date=September 1986 | access-date=16 July 2024 | pages=56–57 }}</ref> It was first listed on the London Stock Exchange in July 1994.<ref> {{webarchive |url=https://web.archive.org/web/20090629030507/http://www.londonstockexchange.com/exchange/prices-and-news/stocks/summary/company-summary.html?fourWayKey=GB0009303123GBGBXSSMM |date=29 June 2009 }}</ref> The following year it entered into a licensing agreement over its PowerVR technology with ] (now ]) who took a 2.29% stake in the company for £1.6 million and acquired the rights to manufacture and sell the chip.<ref> Business Wire, 27 March 1995</ref> On 2 December 1997, NEC subscribed 2.3 million (1.5%) new shares at a price of 56.5p, taking its total stake to 3.5%.<ref>NEC ups Videologic stake, Computer Business Review, 2 December 1997</ref> In 1999, the company refocused on intellectual property ] generally and changed its name to ''Imagination Technologies''.<ref name=analyst/>
The Company was founded in 1985 as ''VideoLogic'' and originally focused on ]s, sound ], home ]s, video-capture and ] systems.<ref name=analyst> 9 July 2008</ref>


], who joined the company in 1992, became the company's ] (CEO) in 1998. On 29 December 2012, Yassaie was awarded a knighthood in the ]. The award was given in recognition of his services to technology and innovation.<ref>{{cite web|url=https://www.gov.uk/government/news/the-new-year-honours-list-2013|website=UK Government|title=The New Year Honours Lists 2013|date=29 December 2012|access-date=20 December 2014}}</ref>
It was first listed on the ] in July 1994.<ref>{{dead link|date=November 2013}}</ref> The following year it entered into a licensing agreement over its PowerVR technology with ] (now ]) who took a 2.29% stake in the Company for £1.6 million and acquired the rights to manufacture and sell the chip.<ref> Business Wire, 27 March 1995</ref> On 2 December 1997, NEC subscribed 2.3 million (1.5%) new shares at a price of 56.5p, taking its total stake to 3.5%.<ref>NEC ups Videologic stake, Computer Business Review, 2 December 1997</ref> In 1999 the Company refocused on intellectual property ] generally and changed its name to ''Imagination Technologies''.<ref name=analyst/>


Since the 1990s, VideoLogic has provided chips for ] ]es.<ref>{{cite web|url=https://www.independent.co.uk/news/business/the-investment-column-imagination-technologies-1124894.html|title=The Investment Column: Imagination Technologies|work=The Independent|date=10 November 1999|access-date=18 November 2015}}</ref>
On 23 March 2000, Imagination Technologies acquired Ensigma, a private company specialising in Digital Signal Processing, for a maximum consideration of £5 million.<ref>{{dead link|date=November 2013}}</ref>


On 26 September 2001, Imagination Technologies acquired Cross Products Limited, a company designing and producing development tools for ] DSP IP cores and ]'s ] architecture processors under CodeScape brand, for £4.2 million.<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200109260700426252K |title=Imagination Technologies buys Cross Products |publisher=Investegate.co.uk |date= |accessdate=2013-11-04}}</ref> On 23 March 2000, Imagination Technologies acquired Ensigma, a private company specialising in digital signal processing, for a maximum consideration of £5 million. On 26 September 2001, Imagination Technologies acquired Cross Products Limited, a company designing and producing development tools for ] ] IP cores and Renesas's ] architecture processors under CodeScape brand, for £4.2 million.<ref>{{cite web|url=http://www.investegate.co.uk/article.aspx?id=200109260700426252K |title=Imagination Technologies buys Cross Products |publisher=Investegate.co.uk |access-date=2013-11-04}}</ref>


In October 2006, ] acquired a 2.9% stake i.e. 6 million shares in the Company for £5.28 million.<ref>{{cite news |url=http://www.reghardware.co.uk/2006/10/02/intel_invests_in_powervr_producer/ |title=Intel invests $9.88 million in PowerVR producer|date=2 October 2006|work=Register Hardware}}</ref> In October 2006, ] acquired a 2.9% stake in Imagination Technologies for £5.28 million.<ref>{{cite news |url=http://www.reghardware.co.uk/2006/10/02/intel_invests_in_powervr_producer/ |title=Intel invests $9.88 million in PowerVR producer|date=2 October 2006|work=Register Hardware}}</ref> On 24 November 2008, Imagination Technologies announced a license agreement it signed with a new partner, then undisclosed, for a high-performance version of its PowerVR SGX graphics processor chip: this was later revealed to be ].<ref name=itpro081221>{{cite news |url=http://www.itproportal.com/portal/news/article/2008/12/21/why-has-apple-invested-imaginations-powervr/ |title=Why Has Apple Invested in Imagination's PowerVR?|date=21 December 2008 |first= Desire |last=Athow |work=itproportal.com}}</ref> In December 2008, Apple Inc purchased a 3.6% stake in the company for £3.2 million.<ref name=itpro081221/>


In June 2009, it was announced that Intel's stake had increased to 14% after it had acquired 25 million shares.<ref>{{cite news |url=https://www.bloomberg.com/apps/news?pid=20601204&sid=a8OD7SdGJULU |title=Intel boosts stake to 14%|date=18 June 2009|work=Bloomberg}}</ref> One week later, Intel acquired another 5 million shares from the Saad Group (based in ]), and its shareholding rose to 16.02%.<ref>{{cite news |url=https://www.theguardian.com/business/marketforceslive/2009/jun/23/2 |title=Intel raises stake in UK chip group Imagination |first=Nick |last=Fletcher |date=23 June 2009 |work=The Guardian |location=London }}</ref> Days later, Apple Inc announced it had subscribed for 2.2m new shares at 142.75p each and made market purchases of another 11.52 million shares, raising its stake to 9.5%;<ref>{{cite news |url=https://www.theguardian.com/business/marketforceslive/2009/jun/26/1 |title=Imagination Technologies up as Apple stake hits 9.5%|first= Nick|last= Fletcher|date=June 2009 |work=The Guardian |location=London | access-date=5 May 2010}}</ref> Saad Group, who had held 44.6 million shares i.e. 20.3% of the company as at 30 June 2008, was thought to be the vendor of these shares, and had been reportedly forced to divest after its bank froze its accounts.<ref>{{cite news |url=http://www.v3.co.uk/v3/news/2244904/apple-follows-intel-grapple |title=Apple follows Intel in grabbing extra Imagination stake |first=Rosalie |last=Marshall |date=26 June 2009 |work=V3.co.uk}}</ref>
On 24 November 2008, Imagination Technologies announced a license agreement it signed with a new partner, then undisclosed, for a high-performance version of its POWERVR SGX graphics processor chip: this was later revealed to be ].<ref name=itpro081221>{{cite news |url=http://www.itproportal.com/portal/news/article/2008/12/21/why-has-apple-invested-imaginations-powervr/ |title=Why Has Apple Invested In Imagination's PowerVR?|date=21 December 2008 |first= Desire |last=Athow |work=itproportal.com}}</ref> In December 2008, ] purchased a 3.6% stake in the company for £3.2 million.<ref name=itpro081221/>


On 17 November 2010, Imagination Technologies announced its intention to acquire HelloSoft, one of the world's leading providers of Video and Voice over Internet Protocol and wireless LAN technologies, for a maximum consideration of $47 million.<ref> Stockopedia, 17 November 2010</ref> On 14 December 2010, Imagination Technologies acquired Caustic Graphics, developer of hardware/software real-time ] graphics technology which was founded by a group of former Apple engineers, for $27 million.<ref> Vizworld, 14 December 2010</ref> On 14 December 2011, Imagination Technologies announced that it had signed a licensing agreement with ]. The company signed an agreement for the display IP from its PowerVR portfolio.<ref>Sylvie Barak, EE Times. "." 14 December 2011. Retrieved 14 December 2011.</ref>
In June 2009, it was announced that Intel's stake had increased to 14% after it had acquired 25m shares.<ref>{{cite news |url=http://www.bloomberg.com/apps/news?pid=20601204&sid=a8OD7SdGJULU |title=Intel boosts stake to 14%|date=18 June 2009|work=Bloomberg}}</ref> One week later, Intel acquired another 5m shares from the ] (based in ]), and its shareholding rose to 16.02%.<ref>{{cite news |url=http://www.guardian.co.uk/business/marketforceslive/2009/jun/23/2 |title=Intel raises stake in UK chip group Imagination |first=Nick |last=Fletcher |date=23 June 2009 |work=The Guardian |location=London }}</ref>


On 3 January 2012, Imagination Technologies announced that it will invest totalling £5 million, in Toumaz Microsystems, a ] spinout of Toumaz Ltd., and will own 25% of the business.<ref> Tech Eye, 3 January 2012</ref> In June 2012, Imagination Technologies acquired Nethra Imaging, a semiconductor and systems company focused on delivering video and imaging solutions.<ref>{{cite web|url=http://uk-analyst.com/shop/page-advice/action-advertorial.show/id-130019432|title=From UK-Analyst.com: Thursday 13 September 2012|publisher=UK-Analyst.com|access-date=12 January 2013|archive-date=17 February 2013|archive-url=https://archive.today/20130217002934/http://uk-analyst.com/shop/page-advice/action-advertorial.show/id-130019432|url-status=dead}}</ref> As of November 2012, over 1 billion ] units had shipped containing cores developed by Imagination Technologies.<ref>{{cite web |title=Over 1 billion units shipped by Imagination partners |url=https://www.marketscreener.com/quote/stock/IMAGINATION-TECHNOLOGIES-4000947/news/Imagination-Technologies-Group-plc-Over-1-billion-units-shipped-by-Imagination-partners-15501846/ |access-date=18 November 2015 |work=Imagination Technologies|date=12 November 2012 }}</ref> On 17 December 2012, Imagination Technologies beat ] in the race to buy processor technology firm ] with a knockout offer of $100 million.<ref>{{cite news|url=http://www.businessweek.com/ap/2012-12-17/imagination-tech-to-buy-mips-tech-for-100m|archive-url=https://web.archive.org/web/20121222005943/http://www.businessweek.com/ap/2012-12-17/imagination-tech-to-buy-mips-tech-for-100m|url-status=dead|archive-date=22 December 2012|title=Imagination Tech to buy MIPS Tech for $100M|agency=Associated Press|date=17 December 2012|access-date=18 December 2012}}</ref>
Days later, Apple Inc announced it had subscribed for 2.2m new shares at 142.75p each and made market purchases of another 11.52m shares, raising its stake to 9.5%;<ref>{{cite news |url=http://www.guardian.co.uk/business/marketforceslive/2009/jun/26/1 |title=Imagination Technologies up as Apple stake hits 9.5%|first= Nick|last= Fletcher|date=June 2009 |work=The Guardian |location=London | accessdate=5 May 2010}}</ref> Saad Group, who had held 44.6m shares i.e. 20.3% of the Company as at 30 June 2008, was thought to be the vendor of these shares, and had been reportedly forced to divest after its bank froze its accounts.<ref>{{cite news |url=http://www.v3.co.uk/v3/news/2244904/apple-follows-intel-grapple |title=Apple follows Intel in grabbing extra Imagination stake |first=Rosalie |last=Marshall |date=26 June 2009 |work=V3.co.uk}}</ref>


On 8 February 2016, Imagination Technologies announced that Sir Hossein Yassaie had stepped down from the company after 18 years as CEO.<ref name=bbc>{{cite news|title = Pure radio up for sale as Imagination Technologies' boss departs| work=BBC News | date=8 February 2016 |url = https://www.bbc.co.uk/news/business-35519881|access-date = 2016-02-08}}</ref> Imagination Technologies had seen over 40 per cent of its market value lost in the past few months, and over 85 per cent since it peaked in 2012, due to its dependence on Apple which had seen slowing iPhone sales.<ref>{{cite web|url=http://www.cityam.com/234028/imagination-technologies-chief-executive-sir-hossein-yassaie-leaves-as-chip-maker-sells-pure-and-plans-major-rehaul |title=Imagination Technologies share price drops as chief executive Sir Hossein Yassaie leaves and chip maker sells Pure &#124; City A.M |publisher=City A.M. |date=2016-02-08 |access-date=2018-03-13}}</ref> Andrew Heath, a member of Imagination's board of directors and former director of Rolls-Royce, was appointed as interim chief executive before taking the role on a permanent basis on 26 May 2016.<ref name=bbc/> Additionally, Imagination announced a restructuring program to cut costs by £15m in the next financial year, and announced its intention to sell its Pure digital radio division.<ref name=bbc/>
On 17 November 2010, Imagination Technologies announced its intention to acquire HelloSoft, one of the world’s leading providers of Video and Voice over Internet Protocol and wireless LAN technologies, for a maximum consideration of $47 million.<ref> Stockopedia, 17 November 2010</ref>


In March 2016, Apple considered buying Imagination Technologies but never made a formal offer. From 2015 to 2017, despite retaining the licensing agreement, Apple engineered a "]" of Imagination Technologies's personnel, including engineers and executives. Apple also established a new office for chip development in St Albans, close to Imagination Technologies' headquarters.<ref>{{cite web|author=Kif Leswing 13 Oct. 2016, 10:46 AM 9,740 |url=http://www.businessinsider.com/apple-poaches-imagination-technologies-coo-2016-10 |title=Apple poaches Imagination Technologies COO |publisher=Business Insider |date=2016-10-13 |access-date=2018-03-13}}</ref>
On 14 December 2010, Imagination Technologies acquired Caustic Graphics, developer of hardware/software real-time ray-tracing graphics technology which was founded by a group of former Apple engineers, for $27 million.<ref> Vizworld, 14 December 2010</ref>


On 3 April 2017, Imagination Technologies' stock prices fell by 70% after it reported that Apple planned to stop using its intellectual property within its system-on-chips within the next two years. Apple accounted at the time for more than half of the company's revenue.<ref>{{cite news|url=https://www.bbc.co.uk/news/business-39476898|title=Imagination Technologies' shares plunge after Apple ends contract|work=BBC News |date=3 April 2017 |access-date=5 April 2017}}</ref> The following month, Imagination Technologies announced that it would enter into a dispute resolution process seeking that Apple license its intellectual property, arguing that Apple "has not presented any evidence to substantiate its assertion that it will no longer require Imagination’s technology, without violating Imagination’s patents, intellectual property, and confidential information". The company also announced that it would sell its MIPS and Ensigma businesses.<ref name="verge-imaginationselling">{{cite web|title=iPhone graphics supplier to sell off businesses amid patent battle with Apple|url=https://www.theverge.com/2017/5/4/15542606/imagination-apple-licensing-dispute-selling-businesses|website=The Verge|date=4 May 2017 |access-date=5 May 2017}}</ref><ref name="anand-it">{{cite web|title=Imagination to Double-Down on GPU Business, MIPS and Ensigma to Be Sold|url=http://www.anandtech.com/show/11334/imagination-to-sell-mips-and-ensigma|website=Anandtech|access-date=5 May 2017}}</ref> Imagination Technologies sold MIPS processor rights to ] in 2017.<ref name="urlCompletion of sale of MIPS - Imagination">{{cite web |url=https://www.imaginationtech.com/news/press-release/completion-of-sale-of-mips/ |title=Completion of sale of MIPS - Imagination |date=25 October 2017 |format= |accessdate=}}</ref> MIPS Technologies was acquired by ] in 2018, where "MIPS operates as an IP licensing business unit".<ref name="urlWave Computing and MIPS Technologies Reach Agreement to Exit Bankruptcy">{{cite press release |url=https://www.prnewswire.com/news-releases/wave-computing-and-mips-technologies-reach-agreement-to-exit-bankruptcy-301198786.html |title=Wave Computing and MIPS Technologies Reach Agreement to Exit Bankruptcy |format= |accessdate=}}</ref><ref>{{Cite web|url=https://www.mips.com/about/|title=About{{snd}} MIPS|access-date=2019-11-06|archive-date=23 August 2018|archive-url=https://web.archive.org/web/20180823041512/https://www.mips.com/about/|url-status=dead}}</ref>
On 14 December 2011, Imagination Technologies announced that it had signed a licensing agreement with ]. The company signed an agreement for the display IP from its PowerVR portfolio.<ref> Sylvie Barak, EE Times. "." 14 December 2011. Retrieved 14 December 2011. </ref>


On 15 May 2017, Sondrel announced it had signed an agreement to acquire the IMG Works division.<ref name="sondrel-acquire-imgworks">{{cite web|title=Sondrel Agrees to Acquire IMG Works Division of Imagination Technologies|url=http://www.sondrel.com/news/imgworks-division-of-imagination-technologies-acquired-by-sondrel-uk-ic-eng|access-date=23 May 2017|archive-date=19 May 2017|archive-url=https://web.archive.org/web/20170519083832/http://www.sondrel.com/news/imgworks-division-of-imagination-technologies-acquired-by-sondrel-uk-ic-eng|url-status=dead}}</ref>
On 3 January 2012, Imagination Technologies announced that it will invest totalling £5 million, in Toumaz Microsystems, a ] spinout of Toumaz Ltd., and will own 25% of the business.<ref> Tech Eye, 3 January 2012</ref>


On 22 June 2017, Imagination Technologies' ] announced it was putting the entire company up for sale<ref>{{cite news|last1=Smith|first1=Ryan|title=Imagination Technologies Formally Puts Itself Up for Sale|url=http://www.anandtech.com/show/11569/imagination-technologies-formally-puts-itself-up-for-sale|access-date=22 June 2017|publisher=Anandtech|date=22 June 2017}}</ref> and, on 25 September 2017, they announced that the company was being acquired by ], a private equity fund ultimately owned by the Chinese government.<ref>{{cite web|url=https://www.theregister.co.uk/2017/09/25/imagination_technologies_sold_to_private_equity/|title=Brit chip design company Imagination Tech sold to China-linked private equity|date=25 September 2017|publisher=The Register|access-date=1 October 2017}}</ref><ref>{{Cite web|title=The Acquisition of Imagination Technologies|url=https://www.datenna.com/the-acquisition-imagination-technologies/|access-date=2020-10-10|website=Datenna|language=en-US}}</ref> In November 2017 the sale to Canyon Bridge was approved in a transaction which valued the business at £550 million (£1.82 per share).<ref>{{citation| url = https://www.ft.com/content/8c12d246-beff-11e7-b8a3-38a6e068f464 | title = Imagination Technologies deal ends run as UK's bright spark| first = Nic| last = Fildes| date =4 November 2017| work = ft.com }}</ref><ref>{{citation| url =https://www.reuters.com/article/uk-imagination-technologies-deal/canyon-bridge-bid-for-imagination-technologies-approved-by-uk-court-idUKKBN1D22FQ| title = Canyon Bridge bid for Imagination Technologies approved by UK court| first = Ben| last = Martin| date = 2 November 2017| work = reuters.com}}</ref> Since the sale to Canyon Bridge, there have been security concerns over possible technology transfers to Chinese ]s, leading to key executives of Imagination being summoned to appear before the ] of the British parliament.<ref>{{Cite news|last=Jack|first=Simon|date=2020-04-14|title=MPs summon China-owned firm over security concerns|language=en-GB|work=BBC News|url=https://www.bbc.com/news/business-52275201|access-date=2020-04-14}}</ref>
In June 2012, Imagination Technologies acquired Nethra Imaging, a semiconductor and systems company focused on delivering video and imaging solutions.<ref>{{cite web|url=http://uk-analyst.com/shop/page-advice/action-advertorial.show/id-130019432|title=From UK-Analyst.com: Thursday 13 September 2012|publisher=UK-Analyst.com|accessdate=12 January 2013}}</ref>


Once the sale was complete CEO Andrew Heath and CFO Guy Millward both departed. The CEO position was taken over by Leo Li; Li was replaced in turn by Ron Black in December 2018.<ref name="imagination-tech-CEO-sucession">{{cite web |title=Imagination Technologies Group Ltd. Announces CEO Succession |date=13 December 2018 |url=https://www.imaginationtech.com/news/imagination-technologies-group-ltd-announces-ceo-succession-13-12-18/ |access-date=15 January 2019}}</ref>
On 17 December 2012, Imagination Technologies beat ] in the race to buy processing technology firm ] with a knockout offer of $100 million.<ref>{{cite news|url=http://www.businessweek.com/ap/2012-12-17/imagination-tech-to-buy-mips-tech-for-100m|title=Imagination Tech to buy MIPS Tech for $100M|agency=Associated Press|date=17 December 2012|accessdate=18 December 2012}}</ref>


On 2 January 2020, Imagination Technologies announced a new multi-year license agreement with ] including access to a wider range of Imagination's ] in exchange for license fees. This deal replaced the prior deal signed on 6 February 2014.<ref>{{Cite web|url=https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.com/content/73795ec8-2d2d-11ea-a126-99756bd8f45e?amp_js_v=a2&amp_gsa=1&usqp=mq331AQCKAE%3D#aoh=15779557905000&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.ft.com%2Fcontent%2F73795ec8-2d2d-11ea-a126-99756bd8f45e|title=UK chip group Imagination Technologies strikes new Apple deal|website=FT.com|language=en-GB|access-date=2020-01-02|archive-date=14 April 2022|archive-url=https://web.archive.org/web/20220414160615/https://amp-ft-com.cdn.ampproject.org/v/s/amp.ft.com/content/73795ec8-2d2d-11ea-a126-99756bd8f45e?amp_js_v=a2&amp_gsa=1&usqp=mq331AQCKAE%3D#aoh=15779557905000&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.ft.com%2Fcontent%2F73795ec8-2d2d-11ea-a126-99756bd8f45e|url-status=dead}}</ref>
On 29 December 2012 its Chief Executive Officer, Hossein Yassaie, was awarded a knighthood in the ]. The award was given in recognition of his services to technology and innovation.<ref>{{cite web|url=http://www.imgtec.com/News/Release/index.asp?NewsID=715|title=Hossein Yassaie knighted for services to technology and innovation|publisher=imgtec.com|date=29 December 2012|accessdate=29 December 2012}}</ref>


On 5 October 2020, Imagination Technologies announced ] as its new chief executive officer.<ref>{{cite web |url=https://www.broadbandtvnews.com/2020/10/06/former-arqiva-simon-beresford-wylie-named-ceo-of-imagination-technologies/ |title=Former Arqiva Simon Beresford-Wylie named CEO of Imagination Technologies|publisher=Broadband and TV News|date=6 October 2020| access-date=20 June 2021}}</ref>
==Operations and Products==
The Company has two activities:<ref name=prelims/>


On 30 November 2020, Imagination Technologies announced the sale of its Ensigma Wi-Fi development operations and Wi-Fi IP tech assets to ].<ref>{{cite web |url=https://www.electronicsweekly.com/news/business/imagination-sells-wifi-assets-nordic-semiconductor-2020-11/|title=Imagination sells WiFi assets to Nordic Semiconductor|publisher=Electronics Weekly|date=30 November 2020|access-date=20 June 2021}}</ref>
]

*] – developing ]-technology (''also see ]'')
On 8 January 2021, Imagination announced revenues of $125 million for 2020, an increase of 44% on 2019.<ref>{{cite web |url=https://www.electronicsweekly.com/news/business/imagination-revenues-44-2021-01/#:~:text=Imagination%20reports%20that%202020%20revenues,with%20%2466%20million%20in%202019 |title=Imagination revenues up 44% |author=Manners, David |date=2021-01-06 |publisher=Electronics Weekly |accessdate=2021-06-20}}</ref>
*] – developing ]-technology (''also see ] ], ]'')

]
On 11 January 2023, Glassdoor listed Imagination as the 16th best place to work in the UK.<ref>{{cite web|url=https://www.glassdoor.co.uk/Award/Best-Places-to-Work-UK-LST_KQ0,22.htm|title=Best Places to Work|publisher=Glass Door|access-date=30 July 2023}}</ref>
* ] (formerly VideoLogic)

==Products==
Imagination Technologies' main focus is the development of GPU architectures. The architectures are then used by other firms for graphical processors such as the Fantasy series from Innosilicon or by ].<ref>{{cite web|access-date=2024-04-19 |date=2023-11-08 |title=Imagination Technologies To Make A Triumphant PC Graphics Return? |publisher=hothardware.com |url=https://hothardware.com/news/imgtec-dxd-gpu-dx11-support}}</ref> The 2023 released IMG DXD GPU IP also support various graphic APIs like ] 11 and ] 1.3 as well as Ray Tracing and is aimed at ]s.<ref>{{cite web|access-date=2024-04-19 |date=2023-11-08 |title=Imagination Technologies introduce IMG DXD GPU architecture with DirectX 11 FL 11_0 support |publisher=videocardz.com |url=https://videocardz.com/newz/imagination-technologies-introduce-img-dxd-gpu-architecture-with-directx-11-fl-11_0-support}}</ref><ref>{{cite web|access-date=2024-04-19 |date=2023-11-08 |title=IMG DXD: A New Horizon for Cloud Gaming |publisher=design-reuse.com |url=https://www.design-reuse.com/industryexpertblogs/55181/img-dxd-a-new-horizon-for-cloud-gaming.html}}</ref> The 2019 released A-Series is meant to address a wider range of uses, like in ] devices or servers due to being scalable from 1 PPC (pixel-per-clock) to 2 ].<ref>{{cite web|access-date=2024-04-19 |date=2019-12-04 |title=Imagination Unveils New 128-wide ALU ‘GPU of Everything’ Family |publisher=eetimes.com |url=https://www.eetimes.com/imagination-unveils-new-128-wide-alu-gpu-of-everything-family/}}</ref> Their IPs are also used in cars,<ref>{{cite web|access-date=2024-04-19 |date=2023-03-14 |title=Imagination and Telechips drive automotive display diversity with hardware virtualization |publisher=design-reuse.com |url=https://www.design-reuse.com/news/53661/imagination-telechips-automotive-display-hardware-virtualization.html}}</ref> and were used in the iPhone from 2007 to 2017.<ref>{{cite web|access-date=2024-04-19 |date=2023-11-14 |title=Chip designer Imagination Technologies to ‘cut up to 130 UK jobs’ |publisher=techmonitor.ai |url=https://techmonitor.ai/technology/silicon/imagination-technologies-job-cuts-redundancies}}</ref>

==Whistleblower controversy==

In 2020, Ron Black, the CEO of Imagination Technologies, was dismissed after raising concerns about a Chinese state-owned investor's attempt to appoint four directors to the board. Black warned that this could lead to the company falling under Chinese government control, raising national security risks and fears of potential misuse of its technology. The UK government intervened to block the appointments. In 2024, an employment tribunal ruled Black’s dismissal was unfair, recognizing his protected disclosures. Legal proceedings for damages are ongoing.<ref>{{Cite web |last=Titcomb |first=James |title=British tech champion sacked boss for raising alarm over China move |url=https://www.yahoo.com/news/british-tech-champion-sacked-boss-152251683.html |website=Yahoo News |date=12 December 2024 |access-date=12 December 2024}}</ref>


==See also== ==See also==
* ] * ]
* ] * ]
* ]
* ]


==References== ==References==
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==External links== ==External links==
* {{Official website}}


{{Authority control}}
* {{official|http://www.imgtec.com/}}

{{Use dmy dates|date=January 2012}}

{{FTSE 250 Index constituents}}


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Latest revision as of 23:56, 12 December 2024

British semiconductor and software design company

Imagination Technologies Group Limited
Company typePrivate
IndustryTechnology
Founded1985; 40 years ago (1985)
FounderTony Maclaren
HeadquartersKings Langley, England, UK
Area servedWorldwide
Key peopleSimon Beresford-Wylie (CEO)
Michael Trzupek (CFO)
Brent Blanchard (CRO)
Nick Merry (CHRO)
ProductsGraphics processing unit (GPU) designs
Revenue£120.0 million (2016)
Operating income£(61.5) million (2016)
Net income£(80.6) million (2016)
OwnerCanyon Bridge Capital Partners
Number of employeesc. 500 (2020)
DivisionsPowerVR
Websitewww.imaginationtech.com Edit this at Wikidata

Imagination Technologies Group Limited is a British semiconductor and software design company owned by Canyon Bridge Capital Partners, a private equity fund based in Beijing that is ultimately owned by the Chinese government. With its global headquarters in Kings Langley, England, its primary business is in the design of PowerVR mobile graphics processors (GPUs), neural network accelerators for AI processing, and networking routers. The company was listed on the London Stock Exchange until it was acquired by Canyon Bridge in November 2017.

History

The company was founded in 1985 by Tony Maclaren, and subsequently led by him as group chief executive, as VideoLogic and originally focused on graphics, sound acceleration, home audio systems, video-capture and video-conferencing systems, making interactive video products for personal computers. It was first listed on the London Stock Exchange in July 1994. The following year it entered into a licensing agreement over its PowerVR technology with NEC (now Renesas) who took a 2.29% stake in the company for £1.6 million and acquired the rights to manufacture and sell the chip. On 2 December 1997, NEC subscribed 2.3 million (1.5%) new shares at a price of 56.5p, taking its total stake to 3.5%. In 1999, the company refocused on intellectual property licensing generally and changed its name to Imagination Technologies.

Hossein Yassaie, who joined the company in 1992, became the company's chief executive officer (CEO) in 1998. On 29 December 2012, Yassaie was awarded a knighthood in the 2013 New Year Honours. The award was given in recognition of his services to technology and innovation.

Since the 1990s, VideoLogic has provided chips for digital television set-top boxes.

On 23 March 2000, Imagination Technologies acquired Ensigma, a private company specialising in digital signal processing, for a maximum consideration of £5 million. On 26 September 2001, Imagination Technologies acquired Cross Products Limited, a company designing and producing development tools for META DSP IP cores and Renesas's SuperH architecture processors under CodeScape brand, for £4.2 million.

In October 2006, Intel Corporation acquired a 2.9% stake in Imagination Technologies for £5.28 million. On 24 November 2008, Imagination Technologies announced a license agreement it signed with a new partner, then undisclosed, for a high-performance version of its PowerVR SGX graphics processor chip: this was later revealed to be Apple Inc. In December 2008, Apple Inc purchased a 3.6% stake in the company for £3.2 million.

In June 2009, it was announced that Intel's stake had increased to 14% after it had acquired 25 million shares. One week later, Intel acquired another 5 million shares from the Saad Group (based in Saudi Arabia), and its shareholding rose to 16.02%. Days later, Apple Inc announced it had subscribed for 2.2m new shares at 142.75p each and made market purchases of another 11.52 million shares, raising its stake to 9.5%; Saad Group, who had held 44.6 million shares i.e. 20.3% of the company as at 30 June 2008, was thought to be the vendor of these shares, and had been reportedly forced to divest after its bank froze its accounts.

On 17 November 2010, Imagination Technologies announced its intention to acquire HelloSoft, one of the world's leading providers of Video and Voice over Internet Protocol and wireless LAN technologies, for a maximum consideration of $47 million. On 14 December 2010, Imagination Technologies acquired Caustic Graphics, developer of hardware/software real-time ray-tracing graphics technology which was founded by a group of former Apple engineers, for $27 million. On 14 December 2011, Imagination Technologies announced that it had signed a licensing agreement with Qualcomm. The company signed an agreement for the display IP from its PowerVR portfolio.

On 3 January 2012, Imagination Technologies announced that it will invest totalling £5 million, in Toumaz Microsystems, a wireless intercom spinout of Toumaz Ltd., and will own 25% of the business. In June 2012, Imagination Technologies acquired Nethra Imaging, a semiconductor and systems company focused on delivering video and imaging solutions. As of November 2012, over 1 billion SOC units had shipped containing cores developed by Imagination Technologies. On 17 December 2012, Imagination Technologies beat Ceva Inc in the race to buy processor technology firm MIPS Technologies with a knockout offer of $100 million.

On 8 February 2016, Imagination Technologies announced that Sir Hossein Yassaie had stepped down from the company after 18 years as CEO. Imagination Technologies had seen over 40 per cent of its market value lost in the past few months, and over 85 per cent since it peaked in 2012, due to its dependence on Apple which had seen slowing iPhone sales. Andrew Heath, a member of Imagination's board of directors and former director of Rolls-Royce, was appointed as interim chief executive before taking the role on a permanent basis on 26 May 2016. Additionally, Imagination announced a restructuring program to cut costs by £15m in the next financial year, and announced its intention to sell its Pure digital radio division.

In March 2016, Apple considered buying Imagination Technologies but never made a formal offer. From 2015 to 2017, despite retaining the licensing agreement, Apple engineered a "brain drain" of Imagination Technologies's personnel, including engineers and executives. Apple also established a new office for chip development in St Albans, close to Imagination Technologies' headquarters.

On 3 April 2017, Imagination Technologies' stock prices fell by 70% after it reported that Apple planned to stop using its intellectual property within its system-on-chips within the next two years. Apple accounted at the time for more than half of the company's revenue. The following month, Imagination Technologies announced that it would enter into a dispute resolution process seeking that Apple license its intellectual property, arguing that Apple "has not presented any evidence to substantiate its assertion that it will no longer require Imagination’s technology, without violating Imagination’s patents, intellectual property, and confidential information". The company also announced that it would sell its MIPS and Ensigma businesses. Imagination Technologies sold MIPS processor rights to Tallwood MIPS Inc in 2017. MIPS Technologies was acquired by Wave Computing in 2018, where "MIPS operates as an IP licensing business unit".

On 15 May 2017, Sondrel announced it had signed an agreement to acquire the IMG Works division.

On 22 June 2017, Imagination Technologies' board of directors announced it was putting the entire company up for sale and, on 25 September 2017, they announced that the company was being acquired by Canyon Bridge, a private equity fund ultimately owned by the Chinese government. In November 2017 the sale to Canyon Bridge was approved in a transaction which valued the business at £550 million (£1.82 per share). Since the sale to Canyon Bridge, there have been security concerns over possible technology transfers to Chinese state-owned enterprises, leading to key executives of Imagination being summoned to appear before the Foreign Affairs Select Committee of the British parliament.

Once the sale was complete CEO Andrew Heath and CFO Guy Millward both departed. The CEO position was taken over by Leo Li; Li was replaced in turn by Ron Black in December 2018.

On 2 January 2020, Imagination Technologies announced a new multi-year license agreement with Apple including access to a wider range of Imagination's IP in exchange for license fees. This deal replaced the prior deal signed on 6 February 2014.

On 5 October 2020, Imagination Technologies announced Simon Beresford-Wylie as its new chief executive officer.

On 30 November 2020, Imagination Technologies announced the sale of its Ensigma Wi-Fi development operations and Wi-Fi IP tech assets to Nordic Semiconductor.

On 8 January 2021, Imagination announced revenues of $125 million for 2020, an increase of 44% on 2019.

On 11 January 2023, Glassdoor listed Imagination as the 16th best place to work in the UK.

Products

Imagination Technologies' main focus is the development of GPU architectures. The architectures are then used by other firms for graphical processors such as the Fantasy series from Innosilicon or by Moore Threads. The 2023 released IMG DXD GPU IP also support various graphic APIs like DirectX 11 and Vulkan 1.3 as well as Ray Tracing and is aimed at cloud gaming services. The 2019 released A-Series is meant to address a wider range of uses, like in AIoT devices or servers due to being scalable from 1 PPC (pixel-per-clock) to 2 TFLOPS. Their IPs are also used in cars, and were used in the iPhone from 2007 to 2017.

Whistleblower controversy

In 2020, Ron Black, the CEO of Imagination Technologies, was dismissed after raising concerns about a Chinese state-owned investor's attempt to appoint four directors to the board. Black warned that this could lead to the company falling under Chinese government control, raising national security risks and fears of potential misuse of its technology. The UK government intervened to block the appointments. In 2024, an employment tribunal ruled Black’s dismissal was unfair, recognizing his protected disclosures. Legal proceedings for damages are ongoing.

See also

References

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  49. "IMG DXD: A New Horizon for Cloud Gaming". design-reuse.com. 8 November 2023. Retrieved 19 April 2024.
  50. "Imagination Unveils New 128-wide ALU 'GPU of Everything' Family". eetimes.com. 4 December 2019. Retrieved 19 April 2024.
  51. "Imagination and Telechips drive automotive display diversity with hardware virtualization". design-reuse.com. 14 March 2023. Retrieved 19 April 2024.
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