Imagination Formally Announces It's Selling Itself

Following countless rumors about PowerVR-maker Imagination Technologies, the company has formally announced today it's selling itself.

Imagination Technologies has been on tough times recently, especially with Apple parting ways with Imagination as they move away from using PowerVR graphics to their own in-house graphics technology for future Apple devices. While Imagination continues working on new graphics IP, they are going ahead and trying to find someone to buy out the firm.

The company announced today:

Imagination Technologies Group plc (LSE: IMG, “Imagination”, “the Group”) announces that over the last few weeks it has received interest from a number of parties for a potential acquisition of the whole Group. The Board of Imagination has therefore decided to initiate a formal sale process for the Group and is engaged in preliminary discussions with potential bidders.

Hopefully Imagination/PowerVR will be able to morph into a more promising -- and more open -- organization under new ownership.