What soleil does

Soleil Ltd. (ソレイユ株式会社) is a Tokyo-based video game development studio founded in August 2008 that specializes in 3D action games for home consoles (PlayStation, Xbox, Nintendo Switch) and PC. The company was established by former members of Tecmo's Team NINJA, including veterans who directed the DEAD OR ALIVE and NINJA GAIDEN franchises, and has built a specialized production capability in ninja-themed and sword-combat ("chambara") action design. All development is conducted on Epic Games' Unreal Engine (UE4 for legacy projects, UE5 as the current primary platform), and the studio has presented technical art and graphics workflows at UNREAL FEST WEST '22.

Soleil operates predominantly as a B2B commissioned developer, building games under contract for major Japanese and international publishers and IP holders. Its shipped portfolio includes VALKYRIE ELYSIUM with Square Enix (2022), NARUTO TO BORUTO: SHINOBI STRIKER with Bandai Namco Entertainment (released 2018, sustained via DLC to 15M accounts by February 2024), Ninjala with GungHo Online Entertainment for Nintendo Switch (8M cumulative downloads), Wanted: Dead and Vengeance is Mine with 110 Industries, and SAMURAI JACK: BATTLE THROUGH TIME with Adult Swim Games. In November 2021, Tencent Holdings acquired Soleil's parent company Wake Up Interactive Limited, providing capital backing and enabling the studio's first original in-house IP project, Project EDO, a multiplayer online ninja action title positioned for global release.

Revenue is generated through professional-services development fees from publishing partners, who retain publishing, marketing, and distribution rights. Soleil does not sell directly to consumers; its commercial reach depends entirely on its publisher counterparties' storefront relationships across PlayStation Store, Xbox Store, Nintendo eShop, and Steam. The company employs approximately 120 staff at its Minato-ku, Tokyo headquarters, which expanded in 2021 to include additional floors in the same building. In December 2021, group company Valkhalla Game Studio was absorbed into Soleil via merger, and in April 2023 leadership transitioned with Takayuki Kikuchi assuming the President & CEO role.

Name

soleil

Legal name

Soleil Ltd.

Website

https://soleilgamestudios.com

Company type

Private

Founded year

2008

Operating status

Operating

Short description

Soleil Ltd. is a Tokyo-based game development studio that builds 3D action video games for consoles and PC under contract for publishers including Square Enix, Bandai Namco, GungHo, and 110 Industries, and is now expanding into original IP publishing under Tencent Holdings' ownership.

Ownership category

akta.pro rank

NAICS

Software Publishers (51321)

akta.pro primary industry

Web3/Blockchain Game Studios (MPAFAAAO)

Keywords

• Action game development
• Unreal engine studio
• Console game development
• Licensed IP games
• Multiplayer action games

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Commissioned Game Development: Soleil develops games under contract for publishers and IP holders. The company receives development fees and creative services revenue from publishing partners including Square Enix, Bandai Namco Entertainment, GungHo Online Entertainment, 110 Industries, and Adult Swim Games. This is the primary revenue model as a game development studio.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Soleil is a commissioned video game development studio (受託開発) that builds 3D action games for PlayStation, Xbox, Nintendo Switch, and PC using Unreal Engine 5. It develops full-cycle production titles — including action design, combat mechanics, 3DCG art, animation, VFX, UI/UX, technical art, and programming — under contract for major Japanese and international publishers such as Square Enix, Bandai Namco Entertainment, GungHo Online Entertainment, and 110 Industries. The studio is also expanding into original IP publishing with Project EDO under Tencent-backed ownership.

Product overview

Soleil (ソレイユ株式会社) is a Japanese video game development studio specializing in 3D action games for home consoles. The company develops both licensed IP titles (NARUTO TO BORUTO: SHINOBI STRIKER, Samurai Jack: Battle Through Time) and original IP (Project EDO). Their portfolio spans action RPGs, multiplayer battle games, and cooperative ninja action games. The company works with major publishers including Square Enix, Bandai Namco, GungHo Online Entertainment, and 110 Industries, using Unreal Engine (UE4/UE5) as their primary development engine.

Differentiator

Problem solved

Functional benefit

Products and services

• VALKYRIE ELYSIUM (ヴァルキリーエリュシオン) Action RPG developed by Soleil for Square Enix, featuring hack-and-slash combat in a Norse mythology setting. Released on PlayStation 4/5 and Steam (PC) for global action-RPG consumers.
• Wanted: Dead Hybrid action game developed by Soleil for publisher 110 Industries, blending melee sword combat with shooting mechanics. Released for PlayStation, Xbox, and PC action-game consumers.
• Vengeance is Mine Action game developed by Soleil for 110 Industries, planned for 2024 release on PlayStation 5, Xbox Series X|S, and PC for action-game consumers.
• Ninjala (ニンジャラ) Free-to-play multiplayer online ninja battle action game co-developed by Soleil with GungHo Online Entertainment for Nintendo Switch. Targeted at global consumer gamers, reaching 8 million cumulative downloads by October 2021.
• Samurai Jack: Battle Through Time (サムライジャック：時空の戦い) Action game based on Cartoon Network's Samurai Jack IP, developed by Soleil and published by Adult Swim Games worldwide and DMM GAMES in Japan. Released August 2020 for action-game and anime fans on PlayStation 4, Xbox One, Nintendo Switch, and PC.
• NARUTO TO BORUTO: SHINOBI STRIKER (NARUTO TO BORUTO シノビストライカー) Online multiplayer ninja battle action game based on the Naruto/Boruto IP, developed by Soleil for publisher Bandai Namco Entertainment. Released August 2018 on PlayStation 4, Xbox One, and PC, with ongoing DLC and live operations for global anime and competitive gaming fans.
• Project EDO In-house original IP multi-player online ninja action game developed by Soleil with Tencent Holdings group company support. Combines 'NINJA' theme with high-end console-grade action gameplay and is targeted at a global consumer gaming audience.

Quantifiable outcome

• NARUTO TO BORUTO: SHINOBI STRIKER reached 15 million accounts by February 2024, 5+ years post-launch, demonstrating sustained engagement.
• +3 more outcomes

Named customers7 records

Segments2 records

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• Square Enix Co., Ltd.coreChannel Partner/ Reseller/ DistributorSquare Enix published VALKYRIE ELYSIUM, developed by Soleil. Released September 2022 for PS4/PS5 and November 2022 for Steam. Square Enix manages publishing, marketing, and distribution of the title.
• Bandai Namco Entertainment Inc.coreChannel Partner/ Reseller/ DistributorBandai Namco Entertainment is the publisher of NARUTO TO BORUTO: SHINOBI STRIKER, developed by Soleil. The title launched August 2018 and has maintained active operations with DLC content for 5+ years, reaching 15 million accounts by 2024.
• GungHo Online Entertainment, Inc.coreChannel Partner/ Reseller/ DistributorGungHo published Ninjala, a Nintendo Switch ninja gum battle action game co-developed by Soleil. Released June 2020, the game reached 8 million cumulative worldwide downloads across multiple seasons of content.
• 110 IndustriescoreChannel Partner/ Reseller/ Distributor110 Industries is the publisher of Wanted: Dead (released February 2023) and Vengeance is Mine (2024), both developed by Soleil. The publisher handles global marketing and distribution for these action game titles.
• Adult Swim Games / Cartoon Network (WarnerMedia)coreChannel Partner/ Reseller/ DistributorAdult Swim Games published SAMURAI JACK: BATTLE THROUGH TIME worldwide (August 2020), developed by Soleil. The IP is owned by Cartoon Network/WarnerMedia. DMM GAMES handled the Japanese regional publishing.
• Aniplex Inc. (Sony Music Entertainment Japan)minorChannel Partner/ Reseller/ DistributorSoleil provided development assistance for Kimetsu Gekitotsu RoYale (Demon Slayer: Bloody Battle Royale), a mobile game published by Aniplex. Announced March 2020.
• Epic Games (Unreal Engine)coreTechnology or IntegrationSoleil uses Unreal Engine 4 and Unreal Engine 5 as its primary game development platforms. The company actively participates in Epic Games' Unreal Engine community, presenting at UNREAL FEST WEST '22. All Soleil titles are built on Unreal Engine technology.

Scale indicators5 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• PlatinumGames: Japanese independent studio specializing in high-quality character action games (Bayonetta, NieR:Automata). Closely comparable in size, focus on premium action gameplay, and history of both own-IP and external development partnerships.
• Team NINJA (Koei Tecmo): Koei Tecmo's internal studio where Soleil's founders originated; develops NINJA GAIDEN and DEAD OR ALIVE. Directly comparable lineage, ninja/chambara expertise, and console action focus.
• CyberConnect2: Japanese game developer specializing in anime-licensed action games, including NARUTO Shippuden: Ultimate Ninja Storm series. Direct overlap with Soleil on Naruto-licensed action development and anime IP expertise.
• FromSoftware: Japanese action game studio (Dark Souls, Sekiro, Armored Core) renowned for challenging action combat. Comparable in Japanese action-genre specialization, though significantly larger and now Kadokawa-owned.
• Omega Force (Koei Tecmo): Koei Tecmo's flagship action studio developing Warriors/musou franchises. Sister studio to Team NINJA, with overlapping Japanese action-game lineage and large-scale third-party development work.
• Toylogic: Japanese game studio founded by ex-Namco developers, doing commissioned development for publishers. Highly comparable business model of contracted work-for-hire development for major publishers.
• Sumo Digital: UK-based game studio with ~700+ employees, recently acquired by Tencent. Operates a similar mix of commissioned co-development work for major publishers alongside own-IP titles (Sackboy, Snake Pass).

Broad incumbents

• Capcom: Major Japanese game publisher with internal studios developing action franchises (Devil May Cry, Monster Hunter). Represents the broader incumbent category Soleil competes with for action-genre player mindshare and IP partnerships.
• Square Enix: Major Japanese publisher that is both a Soleil customer (VALKYRIE ELYSIUM) and a competitor with internal studios developing action games. Asymmetric relationship typical of Soleil's publisher-client base.
• Bandai Namco Entertainment: Major Japanese publisher and Soleil customer (NARUTO TO BORUTO: SHINOBI STRIKER publisher). Also operates internal development studios and is both partner and competitive threat depending on insourcing decisions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookja-jp.facebook.com/pages/category/Games-Toys/%E3%82%BD%E3%83%AC%E3%82%A4%E3%83%A6%E6%A0%AA%E5%BC%8F%E4%BC%9A%E7%A4%BESoleil-203356623445341

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about soleil