Tose

What Tose does

TOSE CO., LTD. is a Kyoto-headquartered, Tokyo Stock Exchange-listed (ticker 4728) commissioned game and digital content development company founded in 1979, claiming the largest development staff among independent commissioned developers in Japan and a cumulative track record of over 2,400 game and mobile titles. Its business is pure B2B: Tose receives development contracts from major publishers — Bandai Namco, Square Enix, Atlus, and Thirdverse are disclosed — and executes multi-platform game development across Nintendo Switch, PlayStation, Xbox, Steam/PC, mobile, and arcade, without publishing its own branded consumer products (a deliberate "silent force" neutral stance).

The core product portfolio comprises four business lines: game software development (home console, arcade, PC), mobile content development (smartphone games, native and web apps), system development and IT infrastructure (SI/DX, cloud/IDC/on-premise), and Southeast Asia-focused content distribution. Technical capability spans Unity, Unreal Engine, and a proprietary universal development engine, supported by standard 2D/3D graphics, sound, and programming pipelines, including optimized open world production workflows. Revenue mechanics comprise three streams — Development Sales (one-time per deliverable), Operations Sales (recurring live-service fees), and Royalty Sales (per-unit/per-download royalties on titles Tose has developed).

The company's go-to-market is enterprise field sales with negotiated, project-by-project pricing, supported by an organic corporate website, IR communications, and recruitment-driven brand presence. Strategic posture has shifted toward higher-margin console/PC projects, evidenced by co-development credits on Tales of Graces f Remastered (2025), DRAGON QUEST I & II HD-2D Remake (2025), and CRISIS CORE –FFVII– Reunion (2022), plus VR expansion via SOUL COVENANT (2024). Leadership is anchored by Chairman/CEO Shigeru Saito and President/COO Yasuhito Watanabe.

Name

Tose

Legal name

TOSE CO., LTD.

Website

https://tose.co.jp

Company type

Public

Founded year

1979

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Tose is Japan's largest independent commissioned game developer, delivering multi-platform console, mobile, arcade, and PC game development as a pure B2B contractor to publishers including Bandai Namco, Square Enix, Atlus, and Thirdverse, with over 2,400 titles developed to date.

Ownership category

akta.pro rank

Product category

Game Development Services

NAICS

Computer Systems Design and Related Services (54151), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)

SIC

Services-Computer Programming Services (7371), Services-Computer Programming, Data Processing, Etc. (7370), Services-Computer Integrated Systems Design (7373)

akta.pro primary industry

Game Backend & LiveOps Platforms (BaaS/Analytics/Hosting) (BPAMAKAL)

akta.pro secondary industry

Enterprise Application UX, Portals & Low-Code Extensions (BPAEAGAM)

Keywords

• Commissioned game development
• Multi-platform game software
• Mobile content development
• Outsourced console development
• Game graphics and audio

Headquarters

HQ city

Kyoto

HQ country

Japan

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Development Sales: Earnings generated when game software and mobile content are developed and delivered to the customer as a completed deliverable. This represents the primary revenue stream for Tose, which operates as a commissioned development company.
2. Operations Sales: Earnings derived from updates and distribution of additional content for games and mobile content provided through network-based services. These provide stable recurring revenue from live service operations.
3. Royalty Sales: Earnings received from game manufacturers and content providers calculated by multiplying the number of units sold or downloads of game titles developed by Tose by a predetermined price per unit. Also referred to as 'revenue share' or 'royalties' in company disclosures.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Tose is a Japan-based commissioned game and digital content development company providing one-stop services from proposal planning through development and live operations. It develops console, PC, arcade, and mobile games, plus enterprise systems and IT infrastructure, as an outsourced neutral development partner for publishers and content providers without publishing its own branded titles.

Product overview

Tose is a commissioned digital content development company offering one-stop development services from planning through operation. The portfolio comprises four core business lines: Game Software Development (home console, arcade, and PC games), Mobile Content Development (smartphone games, apps, and websites), System Development/SI (operational systems, business apps, and IT infrastructure), and Content Distribution (Southeast Asia-focused). Tose develops approximately 2,400 titles as one of Japan's largest independent game developers, serving major publishers including Bandai Namco, Square Enix, and Nintendo. The company also provides standalone graphic design and audio production services, and leverages its development expertise across all platforms including Nintendo Switch, PlayStation, Xbox, Steam, iOS, and Android.

Differentiator

Problem solved

Functional benefit

Products and services

• Game Software Development Comprehensive game development services covering home video game software for consoles, arcade games for commercial amusement centers, and PC games, delivered as a one-stop proposal-to-operation service for publishers and console manufacturers.
• Home Video Game Software Development Development of console games for Nintendo Switch, PlayStation, Xbox, and Steam platforms, leveraging multi-platform capabilities, 2D/3D graphics, sound creation, and programming expertise for publisher clients.
• Commercial-Use Game Software Development Development of arcade games for game centers and pachinko/pachislot machine video display units, supporting universal and dedicated arcade cabinets for amusement industry manufacturers.
• Mobile Content Development Smartphone and mobile content development including games, native apps, web apps, and carrier-market websites, with one-stop services from planning through operation for mobile content providers.
• Smartphone Game Development Development of smartphone games for iOS and Android using Unity and Cocos2d-x, with a track record including titles downloaded over 7 million times.
• Smartphone App Development Non-game app development for healthcare, lifestyle, business, and IoT applications on iOS and Android, including wearable device cooperation and corporate branding apps.
• System Development (SI) Enterprise system development including operational systems, CRM, web-based development, client-server systems, and business smartphone applications for non-game enterprise clients.
• IT Infrastructure Development and Operation Complete IT infrastructure services including cloud migration, IDC, on-premise setup, integrated monitoring, and ongoing maintenance for enterprise clients.
• Content Distribution Southeast Asia-focused content distribution services covering planning, development, operation, payment coordination, and licensing sales.
• Game Graphic Design Services Creation of 2D/3D game graphics including character designs, backgrounds, motion, UI designs, and visual effects for game clients.
• Game Audio Services Game audio creation including background music, sound effects, promotional music, voice editing, and audio post-production for game clients.

Quantifiable outcome

• Over 2,400 game software and mobile content titles developed
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Bandai Namco Entertainment Inc.coreStrategic or Co-development Partner · 16 January 2025Tose developed Tales of Graces f Remastered for Bandai Namco (released January 2025 on PS5, PS4, Switch, Xbox, Steam) and co-developed SCARLET NEXUS (released June 2021). Tose operates as a commissioned development partner contributing development expertise to Bandai Namco's publishing pipeline.
• Thirdverse Co., Ltd.minorStrategic or Co-development Partner · 19 April 2024Tose developed SOUL COVENANT released worldwide by Thirdverse in April 2024 for PlayStation VR2, Meta Quest2/3, and Steam. Tose contributed as the development partner for this VR title.
• Square Enix Co., Ltd.coreStrategic or Co-development Partner · 13 December 2022Tose developed CRISIS CORE -FINAL FANTASY VII- REUNION (released December 2022) and supported development of DRAGON QUEST I & II HD-2D Remake (released October 2025) for Square Enix. Tose serves as a development contractor contributing to Square Enix's major IP portfolio.
• AtluscoreStrategic or Co-development PartnerTose is identified as a preferred development partner for Atlus alongside Square Enix, contributing to the publisher's console game development pipeline. The relationship was referenced in April 2026 financial reporting.

Scale indicators4 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Virtuos: Major outsourced game art and co-development studio with significant operations in Asia — directly comparable multi-platform outsourced development services for AAA console and PC titles.
• Keywords Studios: Largest global outsourced game services company (art, engineering, localization, QA) — directly comparable as a pure commissioned game development partner serving AAA publishers worldwide, with similar neutral-publisher positioning.
• QLOC: Polish game porting and co-development studio — directly comparable as a multi-platform commissioned developer working with publishers on console, PC, and mobile titles.
• Sperasoft (Keywords Studios subsidiary): Outsourced game development studio focused on co-development and full-cycle production — directly comparable in commissioned development services for major publishers.

Regional players

• NDcube: Nintendo subsidiary developing Mario Party and other first-party titles — comparable as a Japan-based commissioned/co-development studio, though captive to Nintendo.
• PlatinumGames: Japanese action-game developer known for Bayonetta and NieR — comparable as a Japan-based AAA developer serving external publishers, though with more own-IP focus.
• XPEC Entertainment: Japanese game development studio with co-development and own-IP work — comparable as a Japanese commissioned and co-development peer, though with more own-IP exposure.
• ILCA Inc. Tokyo-based game development studio known for outsourced development and remakes (Pokémon Brilliant Diamond/Shining Pearl) — directly comparable Japanese commissioned developer serving Nintendo and other publishers.
• CyberConnect2: Fukuoka-based game developer known for Naruto and Dragon Ball games — comparable as a Japanese multi-platform commissioned developer with strong publisher relationships.

Broad incumbents

• Koei Tecmo: Major Japanese game publisher/developer (Dynasty Warriors, Nioh) — comparable as a Japanese game software company with both development and publishing operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/profile.php

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Tose