Mobile graphics maker Imagination Technologies goes on sale

Imagination Technologies has started a formal sale process and has already engaged in preliminary talks with potential buyers.

The British mobile graphics maker was pushed to the decision after Apple, which accounted for around 60% of Imagination’s revenue, revealed it will stop using PoverVR graphics and develop its own, sending Imagination shares into a 70% stock slump earlier this year.

Over time, Imagination Technologies’ stock somewhat recovered, though not enough. Without Apple’s orders, Imagination simply cannot continue competing with Qualcomm and fellow British…