LONDON: Winking Studios Limited, one of the leading global AAA game art outsourcing studios and an established game development company, has entered into a share purchase agreement to acquire all the issued and outstanding shares in Studios Ampera Inc., a Quebec-based studio founded by Claude Bordeleau (“Claude“), formerly a senior leader of Keywords Studios.
On completion of the proposed acquisition, Claude will join Winking Studios as Chief Revenue Officer (“CRO“) and lead the Group’s global commercial strategy across Western markets, reporting directly to Executive Director and Chief Executive Officer (Founder) Johnny Jan.
The proposed acquisition and appointment represent an important step in executing the Group’s longer-term strategy to accelerate its business development efforts and expand its presence in Western markets. Ampera will provide Winking Studios with initial leadership and an operational platform in North America, enhancing customer engagement, commercial reach and senior leadership capacity as the Group continues to pursue organic growth and selective merger & acquisition opportunities in Western markets.
The proposed acquisition of Ampera is expected to be accretive to the Group’s revenue performance in FY2026, with contributions anticipated to scale progressively over time. However, this will be accompanied by incremental investments in business expansion and marketing initiatives, which typically require a payback period of between two to three years.
In connection with the Company’s North America expansion strategy, up to 35 million new ordinary shares of a nominal or par value of S$0.04 each in the issued share capital of the Company (“Ordinary Shares“) may be issued contingent upon the achievement of cumulative adjusted EBITDA of approximately US$33 million over the period from 2026 to 2031, and the Company’s volume weighted average price reaching specified targets annually, culminating to at least 54.6 pence (or approximately S$0.936[3]) in 2031.
Johnny Jan, Executive Director and Chief Executive Officer (Founder) of Winking Studios, commented: “Expanding our presence in Western markets is a key strategic priority for Winking Studios. This transaction is an important step in advancing that strategy and in strengthening the leadership platform we are building in order to target Western markets.”
“Claude brings a strong entrepreneurial track record, deep industry relationships and first-hand experience of building and scaling high-quality games services businesses. We believe his appointment, together with the acquisition of Ampera, will strengthen our commercial presence in North America and enhance our ability to deepen relationships with leading game developers and publishers.”
“Winking Studios has built significant delivery scale and capability across Asia and Southeast Asia. With market conditions continuing to improve and outsourcing demand strengthening, we believe this is the right time to add experienced Western leadership and customer proximity to support the next phase of the Group’s growth globally.”
Claude Bordeleau commented: “Winking Studios has built a compelling global platform, combining scale, quality and a strong delivery reputation across the gaming industry. I am excited by the opportunity to join the Group at this stage of its development.
“I believe there is a significant opportunity to broaden Winking Studios’ commercial reach in Western markets, deepen relationships with major game publishers and developers, and help build a stronger bridge between customer demand in North America and Europe and the Group’s delivery capabilities across its wider studio network.”
Strategic context
The proposed acquisition of Ampera, together with the appointment of Claude Bordeleau, build on a long-running strategic priority for Winking Studios to accelerate its business development efforts and expand its presence in Western markets.
That objective has been a consistent feature of the Group’s growth strategy, as stated at the time of its dual listing to the AIM segment of the London Stock Exchange.
With Ampera’s experienced leadership team and strong track record in building and scaling games services businesses in North America and Europe, the Board believes the proposed acquisition of Ampera and the appointment of Claude as CRO represents a significant and practical step in delivering that strategy, adding senior leadership in North America as part of the Group’s broader build-out of leadership and operational presence in Western markets.
Over time, this is expected to enhance customer engagement, support business development and create a practical and scalable platform from which the Group can broaden its presence and deepen relationships with leading game developers and publishers in Western markets.
Claude Bordeleau
Claude founded Volta Creation Inc (“Volta“) in 2006 and built it into an award-winning game art studio serving global AAA game clients. Following Keywords Studios’ acquisition of Volta in 2016, Claude went on to hold senior leadership roles within Keywords’ Create division, where he played an integral role in scaling the business’s art services operations in North America and Europe.
Winking Studios believes Claude’s experience in studio-building, customer development and strategic growth will be highly valuable as the Group strengthens its commercial presence in North America and continues to develop its wider Western market strategy.
About Ampera
Ampera was incorporated in Quebec in November 2025 and is focused on art outsourcing and game development.
Ampera has already secured initial commercial traction and is engaged in active discussions and active projects with several mid-to-large scale game developers and publishers. These opportunities are at various stages of progression and are expected to support the ramp-up of the North American platform following completion. Currently, Ampera has a team of 18 employees, all of whom will join Winking Studios.
Transaction summary
Under the terms of the share purchase agreement, the aggregate consideration payable in connection with the proposed acquisition is CAD525,010 in cash (or approximately US$379,845[4] or approximately £285,343[5]) and deferred issuance of 10 million new Ordinary Shares of a nominal or par value of S$0.04 each (the “Consideration Shares”), the latter subject to certain conditions. The Consideration Shares exclude Ordinary Shares aggregating up to 35 million that may be issued pursuant to the Company’s incentive arrangements in connection with the proposed acquisition.
Once issued, the Consideration Shares will represent approximately 2.21 per cent. of the Company’s enlarged issued share capital (taking into account only issuance of the Consideration Shares). The Consideration Shares will rank pari passu in all respects with the existing Ordinary Shares.