After losing its largest customer, Imagination Technologies watched its market value plunge by more than two-thirds.
Now, the once-great British firm—founded in 1985—is up for grabs. The company, which develops computer components and software for mobile and embedded devices, has less than two years before Apple stops using its graphics chips and switches to using in-house chips.
Imagination says that it “has received interest from a number of parties for a potential acquisition,” which spurred the embattled company to “initiate a formal sale process.”
The company also admitted that it “remains in dispute with Apple,” though provided no further details.
Apple, meanwhile, is increasingly developing component technology in-house and it seeks control over quality, cost, and manufacturing parts for its range of mobile devices, including the iPhone, iPad, and Watch.