Apple has extended its licensing deal with British semiconductor design firm Imagination Technologies to use its chip designs in its mobile devices.
Imagination's PowerVR chip designs have been used in Apple's processors since the iPhone 3GS was released in 2009 and the contract extension "gives Apple access to Imagination's wide range of current and future PowerVR graphics and video IP cores".
The firm's statement said: "Under the terms of the above licensing arrangement, Imagination will receive ongoing license fees, and royalty revenues on shipment of SoCs (systems on chip) incorporating Imagination's intellectual property."
Imagination's PowerVR graphics core designs power Apple's A7 chips, featured in the latest iPad Air, iPad Mini with Retina Display and iPhone 5S.
Markets reacted well to Imagination's announcement, with the company's share price on the London Stock Exchange rising by more than 10 percent. The A7 chip boasts double the power of Apple's previous-generation A6 chip, according to the firm.
The hardware is also Apple's first foray into 64-bit architecture, beating the rest of the smartphone industry in releasing consumer-level 64-bit devices. Since then, Samsung has added 64-bit technology to its Note 12.2 device, and has promised that its next-generation Galaxy S5 smartphone would also feature a 64-bit chip.
Apple's A7 chip, while advanced, has provoked anger from other areas of the industry. Most recently, the company came under fire from the Wisconsin Alumni Research Foundation which alleges that Apple's chip infringes upon its own patents. The university is seeking an injunction on the sale of devices containing the chips.
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