Terms of the deal were not divulged.
Gas Powered Games canceled its Kickstarter campaign for the RPG/RTS hybrid Wild Man last week, just days before the campaign was to end. The fate of Wild Man is unclear.
At the time, Gas Powered Games CEO Chris Taylor said the company was exploring new ways to keep the company afloat.
According to the announcement, a "contingent of veteran developers" from the studio, including Taylor, will stay on following the acquisition. Gas Powered Games laid off a significant portion of its staff last month.
Wargaming last month purchased F.E.A.R. 3 developer Day 1 Studios for $20 million.