What Is Imagination Technologies?

And why was Apple dropping them such a big deal?
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Imagination Technologies was heralded as a successful British technology firm that used to supply the designs for Apple's (AAPL) - Get Report graphics chips. 

After Apple announced they would no longer use their designs and start making their own, Imagination's stock crashed. 

Now Imagination Technologies is up for sale and the stock has rebounded (a bit). 

The company creates and licenses processor solutions for graphics, video and vision processing. They also own a range of intellectual property licenses. 

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This article was written by a staff member of TheStreet.