Kings Langley, Hertfordshire, 10 April 2020 – Imagination Technologies Group Limited (“Imagination” or “the company”), a UK-headquartered, leading supplier of semiconductor intellectual property (IP), has today committed to increasing its investment in the UK as it seeks continued growth in the USA, Europe and Asia. Ron Black, is to step down as CEO of the company and from the Board with immediate effect to be replaced by Ray Bingham, currently Executive Chairman and a Partner at Canyon Bridge.
Imagination, which is owned by Canyon Bridge Capital Partners LLC (“Canyon Bridge”), an international private equity firm, is seeking further growth, almost three years after it was taken private by Canyon Bridge. Since privatization, the company has seen a successful transformation, with significant new product launches and customer wins.
At a time when the global economy is under significant stress, Imagination is well positioned to benefit from trends towards continued automation, connectivity, and widespread implementation of AI technologies. The company’s ray tracing technology is part of arguably the most exciting development in 3D graphics of the last 20 years and Imagination has been at the forefront of development in this area.
Ray Bingham, Executive Chairman, Imagination Technologies, and founding partner, Canyon Bridge Capital Partners Inc. said:
“Since acquiring Imagination Technologies in 2017, we’ve made great progress in transforming the company and we remain fully committed to the UK and to supporting our customers around the world. Our strategy will benefit the company’s headquarters and global business development and our priority remains our customers and staff.
“We are having a very successful year with multiple licensees of our performance-leading A-Series GPU, continued growth in the mobile and automotive GPU markets, and strategic partnerships around our ray tracing technology. We look forward to continuing that momentum as we introduce category leading new products, and expand the business on all fronts to position it for continued growth across a number of key markets around the world.
“We thank Ron for his service and wish him all the best for the future. I would also like to thank our customers and staff for their continued support.”
A note on COVID-19
In the wake of outbreak of COVID-19, Imagination Technologies had 850 people in eight offices in five countries, working remotely in less than two days. Imagination is very much open for business across all its sites, while supporting its employees.
Notes to editors:
- Since acquiring Imagination Technologies in late 2017, Canyon Bridge has provided ongoing financial support by investing $50 million in in the form of interest-free loans.
- Since the acquisition, global and UK headcount have remained stable at Imagination Technologies, at approximately 850 globally and 550 in the UK. Employment rights, pension benefits, and working conditions have all been maintained since 2017.
- Imagination Technologies remains an attractive employer where staff turnover rates have improved substantially, from greater than 20% in 2017 to under 10% now.
- In 2019 Imagination Technologies filed 304 patents, putting it in the top 15 patent filers in the UK. This compares to 250 patent filings in 2017. More than 700 of Imagination Technologies’ 850 staff are engaged in R&D activity and the majority of those are based in the UK.
About Imagination Technologies:
Imagination is a global technology leader whose products touch the lives of billions of people across the globe. The company’s range of silicon IP (intellectual property) includes key processing blocks needed to create the SoCs (Systems on Chips) that power mobile, consumer and embedded electronics. Its multimedia, vision & AI, and connectivity technologies enable its customers to get to market quickly with complete and differentiated SoC platforms. Imagination’s licensees include many of the world’s leading semiconductor manufacturers, innovative start-ups and OEMs/ODMs who are creating the world’s most iconic and innovative products. See: www.imgtec.com.