What Cyanide does

Cyanide (legally SAS CYANIDE) is an independent French video game development studio founded in 2000 in Nanterre, near Paris, by seven former Ubisoft employees. The studio develops games across PC, PlayStation, Xbox, and Nintendo Switch, with a portfolio anchored by four franchise lines: official Tour de France and Pro Cycling Manager cycling simulations (licensed exclusively from A.S.O.), the Warhammer Blood Bowl fantasy sports franchise (licensed from Games Workshop), the Chef Life restaurant simulation series, and the Styx stealth-action franchise. Notable historical titles include the Game of Thrones RPG, Call of Cthulhu, and Space Hulk adaptations. Underlying technology consists of proprietary simulation engines — particularly a cycling simulation engine managing realistic physics, rider statistics, and race strategy across 80 teams and 260+ races — and a tabletop-to-digital rule engine for Warhammer titles. Cyanide earned approximately €435,195.60 in share capital but does not publicly disclose revenue or ARR; the studio has 101-250 employees.

The studio's business model centers on one-time license sales of premium games across console and PC storefronts, supplemented by paid DLC (e.g., Chef Life: Tokyo Delight, Chef Life: The Cooking Lab, Blood Bowl seasonal content), in-game currency monetization (Warpstone in Blood Bowl 3, ranging from 75 to 750 units per cosmetic tier), and a Blood Pass seasonal battle-pass system. Distribution was historically handled through publisher Nacon, with direct-to-consumer sales through Steam and an own-website storefront; following Nacon's February 2026 insolvency — triggered by majority shareholder Bigben Interactive's failure to repay a €43 million loan — Cyanide filed for judicial reorganisation at the Lille Métropole Commercial Court in March 2026, alongside sister studios Spiders, Kylotonn, and Nacon Tech. The studio's customer base is mass-market consumer, segmented primarily into cycling enthusiasts, Warhammer and board-game fans, simulation/life-management players, and stealth-action players, with no single named enterprise customer.

Operational status through 2026 remains active: Cyanide continues to release annual Tour de France and Pro Cycling Manager titles, ships content updates for Blood Bowl 3, and is developing Styx: Blades of Greed. In July 2026, Slitherine acquired the Blood Bowl license, publishing rights, and back catalog from Nacon and committed to continuing franchise development in partnership with Cyanide. The judicial observation period was extended to September 30, 2026, leaving the studio's long-term ownership structure and balance-sheet outcome to be determined by the reorganisation process.

Name

Cyanide

Legal name

SAS CYANIDE

Website

https://cyanide-studio.com

Company type

Private

Founded year

2000

Operating status

Operating

Headcount range

101–250 employees

Short description

Cyanide is a French video game development studio founded in 2000, producing cycling simulations (Tour de France, Pro Cycling Manager), licensed fantasy sports (Warhammer Blood Bowl), and lifestyle and action games (Chef Life, Styx) for PC and consoles.

Ownership category

akta.pro rank

Headquarters

HQ city

Nanterre

HQ country

France

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Video Game Sales: Cyanide develops and publishes video games across multiple platforms (PC, PlayStation, Xbox, Nintendo Switch), generating revenue through initial game sales. Revenue from major titles including Pro Cycling Manager, Tour de France, Blood Bowl III, Styx: Blades of Greed, and Chef Life.
2. Downloadable Content (DLC): The studio releases paid DLC expansions for its games, including 'Tokyo Delight' for Chef Life adding Japanese recipes and themed content, and seasonal content for Blood Bowl 3 with new factions and customisation items.
3. Season Pass / Blood Pass: Blood Bowl 3 features a Blood Pass seasonal monetization system offering new customisation items, Warpstone currency, and new season factions, with cosmetic customisation priced from 75 Warpstone (Common) to 750 Warpstone (Legendary).

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Cyanide is an independent French video game development studio that designs and develops games across multiple genres including cycling simulation (Pro Cycling Manager, Tour de France), fantasy sports (Warhammer Blood Bowl), restaurant simulation (Chef Life), and stealth-action (Styx). The studio holds exclusive licensing for the official Tour de France and Pro Cycling Manager brands via A.S.O., and a long-standing partnership with Games Workshop for Warhammer Blood Bowl and Space Hulk franchises. Games are distributed across PC (Steam), PlayStation, Xbox, and Nintendo Switch platforms primarily through Nacon as publisher.

Product overview

Cyanide is a French video game development studio that creates and publishes sports simulation and licensed IP games. The portfolio centers on cycling simulation through the Pro Cycling Manager and Tour de France series, licensed fantasy sports gaming via the Warhammer Blood Bowl franchise, restaurant simulation with Chef Life, and stealth-action games including the Styx series. The company develops games primarily for PC and major console platforms (PlayStation, Xbox, Nintendo Switch) with publisher NACON. Notable licensed IPs include Games Workshop properties (Blood Bowl, Space Hulk) and the official Tour de France license.

Differentiator

Problem solved

Functional benefit

Products and services

• Pro Cycling Manager 26 Cycling team management simulation allowing players to control budgets, recruit riders, train teams, and devise race strategies across the professional cycling calendar of 80 teams and over 260 races with 700 stages.
• Tour de France 2026 Official cycling simulation game featuring real-world Tour de France stages, licensed teams, and riders under exclusive A.S.O. licensing, with realistic physics and race mechanics including mountain and flat stages.
• Warhammer Blood Bowl (Blood Bowl 3) Fantasy football video game adaptation of Games Workshop's Warhammer Blood Bowl board game, featuring turn-based tactical gameplay where players create teams and compete using the latest tabletop rules. Published via Nacon and now acquired by Slitherine as of July 2026.
• Chef Life: A Restaurant Simulator Restaurant simulation game where players manage all aspects of a restaurant including menus, purchasing, decor, staff, equipment, and cooking to progress toward Michelin star recognition.
• Styx: Blades of Greed Stealth-based action-adventure game featuring the goblin character Styx navigating through fantasy worlds with parkour, platforming, and tactical assassination mechanics.
• Chef Life: Tokyo Delight (DLC) Paid downloadable content expansion for Chef Life adding Japanese-themed recipes, ingredients, sushi cooking station, izakaya-themed decor, and plating items.

Quantifiable outcome

• Pro Cycling Manager 2023 features 80 teams and over 260 races with 700 stages.
• +1 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration3 records

Feature4 records

Partnerships

Two partnerships are on record, tiered core.

• SlitherinecoreStrategic or Co-development Partner · 1 July 2026Slitherine acquired the license, publishing rights, and back catalog for the Warhammer Blood Bowl video game franchise from Nacon following Nacon's insolvency filing. Slitherine committed to continuing development of the next Blood Bowl game in partnership with Cyanide Studio as the long-time series developer. More information expected at the Slitherine Next Event on July 22.
• NaconcoreChannel Partner/ Reseller/ DistributorNacon is the primary publisher for Cyanide's games, having published Blood Bowl III, Pro Cycling Manager, Tour de France, and Chef Life. Cyanide was a subsidiary of Nacon, which filed for insolvency in February 2026 after majority shareholder Bigben Interactive failed to make a €43 million loan repayment.

Scale indicators5 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Kylotonn: Kylotonn is a French racing simulation studio (WRC series) and was a sister Nacon subsidiary that filed insolvency alongside Cyanide in March 2026. Closest comparable as a fellow French simulation studio under the same distressed parent, with similar headcount and shared publishing challenges.
• Slitherine Software: Slitherine is a UK/Italy-based publisher specializing in strategy and wargames that acquired the Blood Bowl franchise license from Nacon in July 2026. Now the publishing partner for Cyanide's most valuable franchise, Slitherine is a direct counterparty and genre-aligned peer in licensed tabletop-to-digital adaptations.
• Spiders: Spiders is a French action-RPG studio (GreedFall, The Technomancer) that was a sister Nacon subsidiary filing insolvency with Cyanide. Comparable as a fellow mid-sized French development studio under shared distressed ownership with similar operational exposure.
• Creative Assembly: Creative Assembly is a UK-based studio known for Total War and Alien: Isolation. Comparable for its deep expertise in adapting licensed/franchise IPs into long-running game series and operating multiple distinct franchise lines across genres—closely mirroring Cyanide's Blood Bowl, Styx, and licensed portfolio approach.
• Sumo Digital: Sumo Digital is a UK-based mid-sized studio known for licensed IP work (Team Sonic Racing, Crackdown 3, Sackboy) and was itself acquired following financial difficulties. Comparable as a multi-franchise, licensed-IP-focused development studio of similar size and structural profile to Cyanide.

Regional players

• Amplitude Studios: Amplitude Studios is a Paris-based strategy game developer (Endless series, Humankind) and fellow French game studio. Comparable as a similarly sized French development house, though operating primarily in strategy rather than Cyanide's sports/simulation focus.
• Dontnod Entertainment: Dontnod is a Paris-based narrative game developer (Life is Strange, Tell Me Why). Comparable as a French development studio of similar vintage and size with a multi-franchise portfolio strategy, though operating in a different genre.

Others

• Nacon: Nacon was Cyanide's majority owner and primary publisher before its February 2026 insolvency. Comparable as the integrated publishing-distribution channel that historically handled Cyanide's console and PC releases, now in parallel judicial reorganization.
• Games Workshop: Games Workshop is the UK-based Warhammer IP owner and Cyanide's licensing partner for Blood Bowl and Space Hulk. Comparable as the licensor whose continued partnership is critical to Cyanide's most valuable franchise, but not a direct competitor.
• Focus Entertainment: Focus Entertainment (now PulluP Entertainment) is a French publisher (A Plague Tale, Atomic Heart). Comparable as a potential alternative publishing partner for Cyanide's non-Blood Bowl franchises following Nacon's insolvency, and as a French gaming ecosystem peer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/CyanideStudio
• Facebookfacebook.com/cyanide.games

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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

Frequently asked questions about Cyanide