UK chip designer Imagination Technologies, which provides graphics processors for iPhones and iPads, is reportedly planning to lay off 20% of its staff. The job cuts are said to be due to a challenging business environment over the past 18 months. Imagination Technologies, owned by private equity firm Canyon Bridge, experienced a significant drop in shares when Apple announced plans to develop its own graphics technology. The layoffs will affect all units within the company. Imagination Technologies recently entered into a multiyear license agreement with Apple, granting the tech giant access to its intellectual property.