Raven Software

What Raven Software does

Raven Software is a private video game development studio founded in 1990 in Madison, Wisconsin, and now operating as a wholly owned subsidiary of Microsoft following Microsoft's October 2023 acquisition of Activision Blizzard. The studio is best known for its work on the Call of Duty franchise since 2010, with named authorship of Call of Duty: Warzone, the Black Ops series (including Black Ops 6 and the November 2025 launch of Black Ops 7), and the round-based Zombies co-op mode. Its broader 35-year catalog includes original and licensed titles such as Heretic, Hexen, Soldier of Fortune, Star Wars Jedi Knight, Wolfenstein, Quake 4, X-Men Legends, Singularity, and Marvel: Ultimate Alliance.

The studio's core technology is concentrated in large-scale multiplayer systems, battle royale engine work for Warzone (including the Gulag respawn mechanic and cross-title progression), cooperative Zombies mode tooling, and integration with Activision's Ricochet anti-cheat. Games are distributed exclusively through the parent's channels: PlayStation Store, Xbox Store and Game Pass, Steam, and Battle.net, with pricing set at the franchise standard of $69.99 for full-game releases and $9.99–$19.99 for seasonal battle passes. Raven is a work-for-hive studio within Microsoft with no direct consumer sales motion, no independent IP commercialization, and no third-party publishing relationships visible in the data.

Raven's operating model is built around annual Call of Duty release cycles and continuous seasonal content drops (Seasons 3, 3 Reloaded, and 4 in 2026), supplemented by live-service monetization through battle passes, the BlackCell premium tier, and operator/weapon cosmetic bundles. The customer base is the global Call of Duty player community (a franchise stated to reach over a billion people daily), though Raven's commercial relationship is with Activision Publishing as its single counterparty. The studio's 251–500 employees are based in Madison and Middleton, Wisconsin; in August 2025 its QA workforce ratified its first union contract with Microsoft, and in April 2026 co-founder Brian Raffel retired after 36 years.

Name

Raven Software

Legal name

Raven Software

Website

https://ravensoftware.com

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

251–500 employees

Short description

Raven Software is a private Madison, Wisconsin-based video game development studio owned by Microsoft that develops and live-operates the Call of Duty franchise, including Black Ops 7 and Warzone, serving the global CoD player community.

Ownership category

akta.pro rank

Product category

Video Game Development

NAICS

Software Publishers (5132)

SIC

Services-Prepackaged Software (7372)

akta.pro primary industry

Narrative/Adventure & RPG Game Studios (MPAFAAAL)

Keywords

• Video game development
• AAA first-person shooters
• Battle royale games
• Multiplayer game engines
• Console game development

Headquarters

HQ city

Madison

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. Full Game Sales: Raven develops mainline Call of Duty titles (Black Ops 6, Black Ops 7) and supporting content that are sold as full-priced games ($69.99 standard edition). Revenue generated through initial game purchases on console and PC platforms.
2. Battle Pass & Seasonal Content: Seasonal content updates for Call of Duty including new maps, weapons, operator skins, and battle passes with 100+ items per season. Free-to-play model for Warzone with monetization through battle passes and cosmetic purchases.
3. Microtransactions (Operator Skins, Weapon Blueprints): Additional monetization through in-game store featuring operator skins, weapon blueprints, and BlackCell premium tier. Players can purchase bundles and cosmetic items to customize their gameplay experience.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels5 records

Core offering

Raven Software is a video game development studio that designs, develops, and ships AAA first-person shooter titles for the Call of Duty franchise under publisher Activision (now Microsoft). The studio leads development on mainline entries like Call of Duty: Black Ops 6 and Black Ops 7, as well as the free-to-play battle royale Call of Duty: Warzone, producing ongoing seasonal content updates and supporting multiplayer, Zombies, and battle royale modes across console and PC platforms.

Product overview

Raven Software is a game development studio producing content for the Call of Duty franchise. The company's primary products include the latest mainline entries Call of Duty: Black Ops 7 (2025) and Call of Duty: Black Ops 6 (2024), along with the free-to-play battle royale Call of Duty: Warzone. These core products span across multiple game modes including multiplayer, Zombies, and Warzone battle royale. The studio also developed numerous legacy titles over its 35+ year history including Heretic, Hexen, Singularity, Wolfenstein, Quake 4, Star Wars Jedi Knight games, Soldier of Fortune, X-Men Legends, and Marvel: Ultimate Alliance. The current portfolio centers on annual Call of Duty releases and ongoing seasonal content updates for Warzone.

Differentiator

Problem solved

Functional benefit

Products and services

• Call of Duty: Black Ops 7 Latest mainline entry in the Call of Duty franchise set in 2035, featuring David Mason leading the Black Ops team against psychological warfare threats; includes multiplayer, Zombies mode, and Warzone integration; targets fans of AAA console and PC shooters.
• Call of Duty: Black Ops 6 Mainline Call of Duty title set during the early 1990s Gulf War era with a dark conspiracy-driven campaign, moral decision-making, and espionage; features classic round-based Zombies and grounded multiplayer combat; targets fans of AAA shooters seeking narrative-driven content.
• Call of Duty: Warzone Free-to-play battle royale featuring massive multiplayer lobbies, contracts, and respawn mechanics via the Gulag; integrates progression across multiple mainline titles with seasonal updates and limited-time modes; targets both core Call of Duty players and free-to-play battle royale audiences across console and PC.

Quantifiable outcome

• Call of Duty franchise reaches over a billion players

Named customers3 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• ActivisioncoreOEM/ Whitelabel/ Licensing Partner · 1 January 1997Raven Software joined the Activision family of independent game development studios in 1997. Under Activision, Raven has developed numerous successful titles and became a key contributor to the Call of Duty franchise, producing major content for the Black Ops series and Warzone. The studio operates as an independent studio within Activision's portfolio.

Scale indicators4 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Treyarch: Sister Activision/Call of Duty studio and original creator of the Black Ops sub-franchise. Most directly comparable to Raven as a CoD-focused AAA studio under the same Microsoft ownership with shared engine, multiplayer, and Zombies expertise.
• Infinity Ward: Co-developer of the Modern Warfare sub-franchise of Call of Duty and Warzone. Closely comparable FPS AAA studio under Microsoft, sharing engine, anti-cheat, and cross-platform infrastructure with Raven.
• Sledgehammer Games: Co-developer of Call of Duty WWII, Advanced Warfare, and Vanguard. Another sibling CoD studio under Activision/Microsoft with comparable FPS production capabilities and shared live-service responsibilities.
• Bungie: Developer of Destiny 2 and former Halo studio, now under Sony. Comparable as a leading AAA FPS/shooter live-service studio with comparable seasonal content cadence, PvP, and PvE modes.
• Respawn Entertainment: EA-owned developer of Apex Legends, Titanfall, and Star Wars Jedi series. Comparable as a FPS-first AAA studio running a major live-service battle royale (Apex) directly competitive with Call of Duty: Warzone.

Broad incumbents

• id Software: Long-established FPS studio (DOOM, Quake) and fellow Microsoft-owned ZeniMax studio. Comparable as a high-end FPS developer under the same parent company with shared engine and multiplayer tooling heritage.
• 343 Industries: Microsoft internal Halo studio. Comparable as a Microsoft-owned AAA FPS studio running major live-service multiplayer content comparable in scale to Warzone and Black Ops.
• Epic Games: Developer of Fortnite, Unreal Engine, and the Epic Games Store. Comparable as a leading battle royale and live-service FPS competitor with seasonal battle passes that directly compete with Raven's Warzone monetization model.
• Riot Games: Developer of Valorant and League of Legends. Comparable as a publisher of competitive online shooters with seasonal battle passes, ranked play, and anti-cheat investments that compete for the same FPS audience as Raven.

Others

• Ubisoft Massive: Ubisoft-owned studio behind Tom Clancy's The Division series. Comparable as a major live-service shooter developer with seasonal PvPvE content under a global AAA publisher, adjacent in operational model to Raven's live-service CoD work.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/ravensoftware
• YouTubeyoutube.com/user/RavenSoftware
• Facebookfacebook.com/ravensoftware
• LinkedInlinkedin.com/company/raven-software
• Instagraminstagram.com/ravensoftware

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

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 Raven Software