Yuke’s Co. will acquire visual novel developer Aquaplus from Pole To Win Holdings for ¥783.5 million ($5.3 million) as the testing services company exits the media contents business entirely.
The deal, announced Monday and expected to close by September, includes Aquaplus subsidiary F.I.X. Records and represents Yuke’s push beyond its traditional wrestling and action game portfolio. Pole To Win is divesting its media unit, which accounted for 14.2% of consolidated sales, to focus on its core software testing operations.
The acquisition pairs two companies with vastly different audiences. Yuke’s built its reputation developing WWE and Earth Defense Force titles for mainstream console markets, while Aquaplus specializes in romance-driven visual novels like Utawarerumono and ToHeart that appeal primarily to Japanese otaku culture.
Financial documents show Aquaplus generated modest revenues in recent years, with the studio recording ¥782 million in sales for the fiscal year ended December 2024, down from ¥803 million the previous year. The company’s operating profit fell to a ¥21 million loss in 2024 from ¥97 million profit in 2023.
Yuke’s, which trades under ticker 4334 on the Tokyo Stock Exchange with a market capitalization of approximately $23.5 million, sees the deal as an opportunity to tap new demographics and diversify revenue streams. The company plans to leverage its console development expertise while incorporating Aquaplus’s intellectual property creation capabilities.
The acquisition allows Yuke’s to “expand its development genres, reach new customer bases, and implement cross-selling strategies” by incorporating Aquaplus’s expertise in romance adventure games. However, bridging the gap between wrestling game mechanics and dating simulator narratives presents execution challenges that remain untested.
Pole To Win’s exit follows a broader strategic shift, with the company conducting a management buyout of its HIKE subsidiary while maintaining ongoing business partnerships with both HIKE and Aquaplus.
