Founded in 1985, the UK-based company creates silicon and software intellectual property with a focus on the global tech market.
The new multi-use license agreement replaces the former, which was announced in February 2014, giving Apple access to a wider range of IP in exchange for license fees.
Interestingly back in 2017, the UK-based chip designer put itself up for sale following Apple's decision to produce its own graphics chips.
Subsequently, Imagination Technologies was acquired by Chinese private equity investment firm Canyon Bridge in 2017 for an estimated £550 million ($727 million).
Previous to this, Imagination Technologies held another deal with Apple surrounding the design of its graphics chips in iPhones and iPads. However this agreement was severed in 2017 as Apple took the process in-house.
Apple recently launched an annual subscription for its premium mobile game service Apple Arcade at $49.99 a year.