Connect with us

Hi, what are you looking for?

NewsTimes.co.uk

TECH

Imagination Technologies: Shares in UK tech company crash after Apple says it no longer needs it

Shares in Imagination Technologies, a Hertfordshire-based company, have plummeted almost 70 per cent after Apple said that it won’t be using the group’s technology in future.

In a regulatory filing on Monday, Imagination said that Apple, which is its largest customer, had said that that it will not use the group’s intellectual property in its new products in 15 months to two years’ time.

Apple has for years used Imagination as a supplier for its phones, tablets, iPods, TVs and watches. But Imagination said that Apple is now “working on a separate, independent graphics design in order to control its products” and that it will be “reducing its future reliance on Imagination’s technology”.

Imagination responded to the news by saying that Apple had “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”.

“This evidence has been requested by Imagination but Apple has declined to provide it,” Imagination said.

The UK company said that it believes that it would be “extremely challenging” for Apple to replace the technology that Imagination supplies, “without infringing its intellectual property rights” and that “accordingly Imagination does not accept Apple’s assertions”.

The company said that it is now in discussions with Apple in relation to “potential alternative commercial arrangements for the current license and royalty agreement”.

Read more at independent.co.uk

Advertisement. Scroll to continue reading.

You May Also Like

UK NEWS

Read more about switzerland women here. Swiss ladies and men are not reknown for being the most chatty, outgoing or spontaneous when meeting strangers...

FOOD TIPS

In food, if there is one thing you can say without fear of contradiction, it is this: Britain loves burgers. The UK market is...

UK NEWS

Read more about wellhello.com here. What is SnapMingles? The questionnaire is nothing but a way to entice you into joining SPDate.com. At the end...

WORLD NEWS

An exclusive article form Orestis Karipis In the 1930’s and 1940’s acid was the weapon of deceived husbands and wives in the Western world...

Copyright © 2020 NewsTimes.co.uk All Rights Reserved