CipSoft

What CipSoft does

CipSoft GmbH is an independent German game developer and online game operator headquartered in Regensburg, Germany. Founded in 2001 by four students from the University of Regensburg (Stephan Vogler, Ulrich Schlott, Stephan Payer, and Guido Lübke) following the success of their game Tibia, which had been online since 1997. The company's core product is Tibia, one of the first MMORPGs ever created, which remains operational nearly three decades later with over 32 million registered players and 100,000+ daily active users across 200+ countries. CipSoft's portfolio also includes TibiaME (the first mobile online RPG, launched 2003), The Settlers Online (taken over from Ubisoft in 2025 and migrated to CipSoft infrastructure by December 2025), and Persist Online, a zombie-themed MMORPG for PC currently in testing ahead of Steam Early Access. Two products — Panzer League (mobile MOBA) and LiteBringer (blockchain RPG on Litecoin) — were discontinued.

The business is built primarily on a freemium model. Tibia offers free accounts with premium subscriptions, Tibia Coins (virtual currency bought through the in-game store), and in-app purchases of mounts, outfits, and services. Distribution runs through Steam, Epic Games Store, Apple App Store, Google Play, and CipSoft's own retailstore.cipsoft.com webshop. A payment-services partnership with Xsolla (since 2015) supports alternative payment methods including Bitcoin and paysafecard. CipSoft has extended its payment infrastructure as MultiPayer, a proprietary platform now offered to other game developers as a white-label solution.

Financially, CipSoft has been profitable and self-funded throughout its 25-year history, with no external capital investors. Revenue grew from €14 million (2018) to €25 million (2020, driven by COVID-era gaming demand) and reached a record €28+ million in 2025, with pre-tax profit of €14.5 million in 2020. Headcount expanded to 113 employees in 2025 — the largest workforce in company history — grown counter-cyclically during industry-wide gaming layoffs. The company operates an internal incubation program that dedicates 20% of employee time to new game ideas.

Name

CipSoft

Legal name

CipSoft GmbH

Website

https://cipsoft.com

Company type

Private

Founded year

2001

Operating status

Operating

Headcount range

51–100 employees

Short description

CipSoft GmbH is an independent German game developer operating long-running online games — chiefly Tibia, one of the first MMORPGs, online since 1997 — serving tens of millions of consumer players worldwide through a freemium model, with 113 employees and record revenue exceeding €28 million in 2025.

Ownership category

akta.pro rank

Product category

Online Game Development and Live Operations

NAICS

Media Streaming Distribution Services, Social Networks, and Other Media Networks and Content Providers (5162)

SIC

Services-Amusement & Recreation Services (7900)

akta.pro primary industry

Full-Service Game Publishers (1st/2nd/3rd-Party Publishing) (MPAFABAA)

akta.pro secondary industries

Player Support & Community Operations (Customer Support, Moderation, CRM) (MPAFAKAD), Gaming & Virtual World Social Platforms (MPACAJAG)

Keywords

• Online game development
• MMORPG games
• Mobile online gaming
• Game payment processing
• Blockchain gaming

Headquarters

HQ city

Regensburg

HQ country

Germany

HQ region

Europe

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Tibia Premium Accounts: Free-to-play model with premium account upgrades providing additional features and benefits. Premium accounts have been the foundation for CipSoft's success since their introduction.
2. Tibia Coins (In-Game Currency): Virtual currency purchased via the Webshop that can be spent in-game on Premium Time, Mounts, Outfits, and Extra Services. Provides more convenient purchasing experience for players.
3. The Settlers Online Operations: Browser-based strategy game taken over from Ubisoft. Generates revenue through in-game purchases on CipSoft's infrastructure with MultiPayer payment system.
4. LiteBringer Blockchain Game: First true Litecoin game where players can make smart investments. Players level up fantasy characters, send them on quests, and gather loot. All assets stored on blockchain.
5. Persist Online (Development Stage): New MMORPG featuring zombies, currently in testing phase with Early Access planned. Revenue model to be determined.
6. MultiPayer Payment System Licensing: CipSoft's proprietary payment system marketed to other game developers under the name MultiPayer, creating a new revenue stream from their decades of payment processing experience.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels9 records

Core offering

CipSoft is an independent German developer and operator of online games, best known for Tibia, one of the first MMORPGs ever created (online since 1997). The studio develops, publishes, and live-operates persistent online games across PC and mobile, including Tibia, TibiaME (first mobile MMORPG), and The Settlers Online (acquired from Ubisoft in 2025), with Persist Online in active development. The company also licenses its proprietary MultiPayer payment system to other game developers.

Product overview

CipSoft is an independent German game developer operating multiple online games across different genres and platforms. The core portfolio centers on Tibia, one of the world's oldest MMORPGs (since 1997), alongside its mobile counterpart TibiaME. The company expanded through acquisitions (The Settlers Online from Ubisoft) and new development (Persist Online, a zombie MMORPG). Discontinued projects include the blockchain game LiteBringer, mobile MOBA Panzer League, and prototypes like Armored Conflict and NFT Boss Battles. MultiPayer is CipSoft's proprietary payment system now offered to other developers as a platform product.

Differentiator

Problem solved

Functional benefit

Brands

• Tibia: MMORPG that has been online since 1997, one of the first MMORPGs ever created
• TibiaME
• The Settlers Online
• Persist Online
• LiteBringer
• Panzer League
• MultiPayer

Products and services

• Tibia Online fantasy MMORPG that has been continuously operated since 1997 with regular updates adding new areas, quests, and mechanics. Free-to-play with premium account upgrades. Available on Steam, Epic Games Store, and the CipSoft Webshop; serves players in more than 200 countries.
• TibiaME First mobile online role-playing game, set in the Tibia universe and designed for mobile devices. Has attracted more than 10 million users since launch and is available on the Apple App Store and Google Play.
• The Settlers Online Browser-based city-building strategy MMO originally developed by Ubisoft; now developed, operated, and monetized by CipSoft following the 2025 takeover. Runs on CipSoft infrastructure with the MultiPayer payment system integrated.
• MultiPayer Proprietary payment processing platform originally built by CipSoft for its own games and now offered as a white-label solution to other game developers and publishers, leveraging decades of gaming payment experience.

Quantifiable outcome

• 113 employees generated over 28 million euros in revenue in 2025
• +3 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• UbisoftcoreStrategic or Co-development Partner · 2 April 2025CipSoft took over development and operations of The Settlers Online from Ubisoft in April 2025. All game worlds were migrated to CipSoft's infrastructure and connected to CipSoft's MultiPayer payment system. The Settlers Online development team transitioned from Ubisoft to CipSoft.
• Chimera EntertainmentminorChannel Partner/ Reseller/ Distributor · 13 November 2024Collaboration with Chimera Entertainment for Songs of Silence distribution. CipSoft's webshop (retailstore.cipsoft.com) sells Steam keys for Songs of Silence, leveraging CipSoft's decades of experience in payment processing.
• DynamedionminorStrategic or Co-development PartnerMusic collaboration with Dynamedion for Tibia's sound effects and music, including the main theme anthem that combines 8-bit sounds with classical instruments of a real orchestra.

Scale indicators14 records

Recent moves8 records

Expansion highlights7 records

Direct peers

• Jagex: Operator of RuneScape, one of the longest-running MMORPGs alongside Tibia. Both run aging but highly monetizable subscription/freemium MMORPGs with deeply engaged community economies; Jagex is the closest direct analogue in terms of product category and player demographics.
• InnoGames: Hamburg-based German developer/operator of browser-based online games including Forge of Empires and Tribal Wars. Comparable as a European independent studio running long-lived browser/online games with freemium monetization and a similar headcount/operational scale.
• Gameforge: Karlsruhe-based German publisher operating MMORPGs such as Aion, TERA, and METIN2. Highly comparable as a German peer publishing Asian-developed and Western MMORPGs to European audiences via freemium models.
• Bigpoint: Hamburg-based German online game developer historically focused on browser MMOs. Comparable in geography, scale (similar headcount), and focus on browser/online multiplayer games with freemium monetization.
• Daybreak Game Company: Operator of EverQuest, EverQuest 2, and PlanetSide 2, classic Western MMORPGs similar in age and live-ops orientation to Tibia. Direct peer in the niche of long-running subscription/freemium MMORPGs with persistent economies.
• Standing Stone Games: Developer and operator of Lord of the Rings Online and Dungeons & Dragons Online, both long-running subscription MMORPGs. Highly comparable in product category, monetization model, and the live-ops focus on aging but loyal MMORPG communities.
• Funcom: Norwegian developer/operator of MMORPGs including Anarchy Online, Age of Conan, and Conan Exiles. Comparable European MMORPG developer running multiple long-lived online titles with persistent-world design.

Broad incumbents

• Blizzard Entertainment: Developer of World of Warcraft, the dominant subscription MMORPG. As a broad incumbent, Blizzard defines the MMORPG category but operates at vastly larger scale and broader portfolio than CipSoft's niche focus.
• Ubisoft: Major French game publisher; strategic partner to CipSoft through The Settlers Online handover. As a broad incumbent, Ubisoft's online game operations share live-ops mechanics and freemium monetization with CipSoft, though at much larger scale.

Others

• Xsolla: Payment service provider for the games industry and CipSoft's long-time payment partner since 2015. Included as an adjacent/ecosystem player because it operates in CipSoft's MultiPayer adjacency, competing for the same game-developer payment services market.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/cipsoft
• YouTubeyoutube.com/cipsoft
• Facebookfacebook.com/cipsoft

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 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 CipSoft