Winking Studios, a Singapore-based powerhouse in game art outsourcing, has been quietly reshaping the landscape of the gaming services industry. Known for contributing to the visual brilliance of top video game titles, the company has grown from humble beginnings into a global player with over 1300 employees across 12 studios. After years of organic growth, Winking Studios has now taken a bold step to cement its status with 3 acquisitions in 18 months aimed at widening its capabilities and client base. These moves signal an ambitious expansion strategy with a sharp focus on scaling and diversification.

Strategic Acquisition that Boost their Headcount to more than 1,300

The Shanghai Mineloader Acquisition

On April 1, 2025, Winking Studios officially completed its largest acquisition to date: Shanghai Mineloader Digital Technology Co., Ltd., a renowned name in Asian game art outsourcing and development. Valued at approximately USD 27.2 million (CNY 146 million), the acquisition was funded entirely through Winking’s internal cash reserves—a strong indicator of the company’s healthy financial standing.

What does this bring to the table?

• Expanded Workforce: The acquisition adds more than 460 professionals across three studios, bringing Winking’s total headcount to about 1,300.
• Console Game Expertise: Mineloader’s strength in console platform games offers a new revenue stream and complements Winking’s existing capabilities in online games.
• Prestigious Clientele: Mineloader’s clients include major gaming companies such as Ubisoft, Sony Interactive Entertainment, and Tencent Games, as reported in industry announcements.
• Leadership Experience with Japanese Connection: The acquired company’s operations are run by veterans with experience in top-tier Japanese gaming companies, enhancing Winking’s industry credibility and business network.

Winking’s CEO, Johnny Jan, described the acquisition as “a pivotal step that augments our position in the global video games industry,” highlighting the deal’s importance not just for scale but for deepening their strategic capabilities.

Strengthening Through Partnerships: Digital Media Lab (DML)

In tandem with the acquisition, Winking Studios signed a partnership agreement with Digital Media Lab Co., Ltd. (a subsidiary of Japan's Kaga Electronics) in March 2025. This alliance aims to supercharge Winking’s computer graphics (CG) production capabilities by leveraging DML’s specialization in high-quality cutscenes and visual content.

Key focus areas of the partnership:

• One-Stop CG Production: Combining real-time and pre-rendering technologies from both companies to offer end-to-end visual solutions.
• Market Expansion in Japan: Strengthening the company’s footprint in the lucrative Japanese gaming market.
• Creative Collaboration: Enabling technical and stylistic innovation through exchanges between production teams.

Conclusion: Eyes Set on the Horizon

With the global video game market projected to reach up to USD 334.8 billion by 2027, Winking Studios is positioning itself strategically. They appear ready to claim a larger share of that future. For investors and industry watchers alike, this is a company not just riding the wave, but shaping it.

Disclosure: The information contained in this article has not been independently verified and it is not the intention for this document to be a complete or comprehensive analysis of the Company's business, financial position or results of operations. Not investment advice.