Japan Industrial Partners, a private equity firm, agreed to acquire the imaging business of Olympus, a manufacturer of optical and digital precision technology. Financial terms were not disclosed. Olympus said implemented measures to cope with the extremely severe digital camera market, due to, amongst others, rapid market shrink caused by the evolution of smartphones, but has concluded that its efforts weren’t enough. As it did with VAIO, JIP plans to streamline the business and will continue to develop products using Olympus brands such as OM-D and Zuiko.