SMARTPHONE AND TABLET MAKER Imagination Technologies is looking to sell off its Pure digital radio brand in a bid to restructure the company and cut operating costs.
Digital radio fans will recognise the Pure brand's retro-looking radios. But Imagination had clearly had enough of making twee trannies and is eyeing up technologies for the Internet of Things (IoT) and 3D rendering.
The UK tech firm is bleeding money, despite being part owned by golden-touch company Apple, and is looking to sell Pure and concentrate on making stuff more suited to its brand. This includes the PowerVR GPU chips found in smartphones, TVs and gaming devices.
The chip division is set to get £2m of reinvestment in an attempt to kick it into shape and turn the good ship Imagination around.
Like every good chairman, Imagination’s Bert Nordberg blamed ongoing market conditions for the company’s losses.
"Trading conditions continue to be very demanding. We need to be very focused on continuing to meet our customers’ needs, and commercialising our intellectual property cost effectively based on our core business,”"he said.
"The measures announced today will allow the business to maintain the necessary investment in key areas, in order to further strengthen our unique intellectual property, technologies and system solutions."
The company changes have already started. Sir Hossein Yassaie, Imagination's chief executive of 18 years, has stepped down, while Andrew Heath has stepped up as interim boss.
Heath is expected to use his experience gained at Rolls-Royce, and will need to find a way to reduce Imagination's operating costs by a whopping £15m. Rather you than us, Andy.
Tough times for Imagination have even seen the company turn to Kickstarter to collect some cash to fund its ‘IoT in a box’ starter kit featuring the firm's latest MIPS-based Creator Ci40. µ
Buy shares in VPNs now
Yes, even the one your wrote while you were steaming drunk
Tens of people inconvenienced