What EST Games does

ESTgames Corp., Ltd. (operating as EST Games) is a privately held South Korean game developer and publisher founded in 2003 and headquartered in Seoul. The company operates a portfolio anchored by the Cabal MMORPG franchise — including Cabal Online (in continuous service since 2003), Cabal 2 (2017), Cabal Mobile, and the newly launched Cabal RED (November 2025) — alongside casual mobile titles such as the Cat Cafe series, Nova Wars: Commanders League, Million Kitty, Cracking Zombie, and Howling Sword. Its underlying technology is built around online multiplayer MMORPG platform architecture, with a registered patent portfolio spanning blockchain-based inter-network data transmission, file leakage prevention, metaverse user authentication, and smart-contract security event handling (four Korean patents between 2021 and 2024).

The company monetizes through three primary streams: subscription/recurring revenue from PC MMORPG services (Cabal Online and Cabal 2), transaction-fee/in-app-purchase revenue from mobile titles distributed via Google Play and Apple App Store, and licensing/royalty revenue from regional publishing contracts. Distribution is executed primarily through regional publishing partners across Southeast Asia, Vietnam, Thailand, Philippines, China, Japan, Taiwan, North America, Brazil, and Europe, complemented by direct service operations in the South Korean home market. A Korbit partnership (January 2023) added NFT/cryptocurrency exchange integration for Cat Cafe 2 Forest. Government recognition includes Korea International Trade Association Export Tower awards of $3M (2021) and $7M (2023), a 2018 Digital Contents Award, and certification as an Innovative Growth Venture Company in 2023.

EST Games is part of the broader EST Group ecosystem (alongside ESTsoft, ESTsecurity, ESTAID, and ROUNZ) and is led by CEO Kim Jang Joong. Customer service infrastructure includes dedicated support centers per game title. The company's primary customer base consists of online multiplayer MMORPG players and mobile casual gamers served through app stores and regional publisher networks rather than direct enterprise contracts.

Name

EST Games

Legal name

ESTgames Corp., Ltd.

Website

https://estgames.co.kr

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

EST Games is a privately held South Korean game developer and publisher founded in 2003, operating the Cabal MMORPG franchise (Cabal Online, Cabal 2, Cabal Mobile, Cabal RED) and casual mobile titles, distributed globally through regional publishing partners across 10+ markets.

Ownership category

akta.pro rank

Product category

Online Multiplayer Games

NAICS

Software Publishers (513210)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

Indie Game Studios (MPAFAAAC)

akta.pro secondary industry

Mobile Game Publishing & App Game Stores (BPAMAKAB)

Keywords

• Online multiplayer games
• MMORPG game development
• Mobile game publishing
• Game franchise licensing
• Blockchain gaming technology

Headquarters

HQ city

Seocho

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Software

Cost components

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

Revenue model

1. Game Publishing and Distribution: EST Games publishes its flagship MMORPG titles including Cabal Online, Cabal 2, and Cabal Mobile across global markets through regional publishing partnerships and direct service launches.
2. Mobile Gaming Revenue: Mobile versions of games including Cabal Mobile and Cat Cafe 2 Forest generate revenue through mobile app store distribution with in-app purchases.
3. Publishing Contracts: Revenue generated from signing publishing contracts for Cabal titles in various regions including China, Japan, Taiwan, Southeast Asia, Vietnam, Thailand, Philippines, and North America/Brazil/Europe.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels3 records

Core offering

EST Games develops, publishes, and operates the Cabal MMORPG franchise (Cabal Online, Cabal 2, Cabal RED, Cabal Mobile) and a portfolio of casual mobile games (Cat Cafe series, Nova Wars: Commanders League, Million Kitty, Cracking Zombie, Howling Sword). The company distributes its titles globally through Google Play, Apple App Store, and licensed regional publishing partners across Southeast Asia, China, Japan, Taiwan, North America, Brazil, and Europe.

Product overview

ESTgames is a South Korean game development company pursuing creative challenges to deliver fun gaming experiences. The company operates a portfolio of game products centered around the Cabal franchise (Cabal Online, Cabal Mobile, Cabal 2, Cabal RED) along with casual mobile games (Cat Cafe series, Million Kitty, Nova Wars: Commanders League, Cracking Zombie, Howling Sword). The Cabal franchise serves as the core MMORPG offering with global publishing across multiple regions, while mobile games provide additional revenue streams. The company also holds blockchain and security-related patents for game technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Cabal Online Flagship MMORPG originally launched in October 2007 and continuously operated for more than 15 years; service has been expanded globally across Japan, China, Taiwan, Philippines, Thailand, Brazil, Europe, and Vietnam. Targeted at online multiplayer gamers.
• Cabal 2 Sequel MMORPG to Cabal Online; service expanded to Taiwan, US, Europe, and Southeast Asia. Targeted at online multiplayer gamers seeking a newer-generation MMORPG experience.
• Cabal RED Newest version of the Cabal franchise, launched November 2025 and achieved #1 on Google Play popularity chart and #2 on Apple App Store charts. Targeted at online multiplayer gamers globally.
• Cabal Mobile Mobile version of the Cabal game franchise, available on Android and iOS, with service launches across Southeast Asia, Philippines, North America, Brazil, Europe, and Japan. Targeted at mobile multiplayer gamers.
• Cat Cafe (고양이 다방) Mobile cat-cafe-themed casual game available on Android and iOS, with service launched in Japan and global markets. Targeted at casual mobile gamers.
• Cat Cafe 2 Forest Sequel to Cat Cafe mobile game, launched March 2023 for Android and iOS, featuring NFT integration with the Korbit cryptocurrency exchange. Targeted at casual mobile gamers with blockchain/NFT interest.
• Nova Wars: Commanders League Android/iOS strategy game launched in August 2022 and selected for the Google Features showcase. Targeted at mobile strategy gamers.
• Million Kitty Android mobile game launched in May 2022. Targeted at casual mobile gamers.
• Cracking Zombie Android/iOS mobile game launched in September 2019. Targeted at casual mobile gamers.
• Howling Sword Game launched in March 2009 as part of ESTgames' diverse portfolio. Targeted at action/adventure gamers.

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered minor.

• GenPlayminorChannel Partner/ Reseller/ Distributor · 1 October 2023Contract with GenPlay for Cabal Red Publishing in Thailand. GenPlay serves as the publishing partner for Cabal Red in the Thailand market.
• KorbitminorStrategic or Co-development Partner · 1 January 2023Business agreement with Korbit's cryptocurrency exchange for NFT Market partnership. Korbit provides cryptocurrency exchange infrastructure for NFT trading related to Cat Cafe 2 Forest and other blockchain initiatives.
• LG U+ Co., Ltd.minorOthersOutsourced service provider for sending SMS or LMS notifications according to recruitment process results and progress. Personal information retained for 6 months after notification completion.
• Mobilience Co., Ltd.minorOthersOutsourced service provider for sending SMS or LMS notifications according to recruitment process results and progress.

Scale indicators7 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Webzen: Korean MMORPG developer and publisher of long-running franchises such as MU Online and MU Origin, with global publishing operations across PC and mobile. Highly comparable to ESTgames' Cabal-focused business model and international expansion playbook.
• Gravity Co. Korean publisher of Ragnarok Online and Ragnarok mobile titles, operating a comparable licensing and regional publishing model across Asia, the Americas, and Europe. Closely mirrors ESTgames' franchise-centric MMORPG publishing strategy.
• Wemade: Korean developer of The Legend of Mir series with global mobile and PC MMORPG publishing, and active blockchain gaming investments via WEMIX. Direct comparison to ESTgames on both classic MMORPG operations and Web3 gaming exploration.
• Smilegate: Korean game developer and publisher behind CrossFire, with global publishing and a diversified portfolio spanning PC, mobile, and investment in new IP. Comparable to ESTgames as a Korean studio with international publishing reach.
• Pearl Abyss: Korean MMORPG developer behind Black Desert Online, with global PC and mobile publishing. Comparable as a Korean studio monetizing a flagship MMORPG franchise internationally, though at a larger scale.

Broad incumbents

• NCSoft: Largest Korean MMORPG publisher (Lineage, Blade & Soul, Aion, Guild Wars 2), operating at significantly greater scale than ESTgames but addressing the same MMORPG player segment with global publishing.
• Netmarble: Korean mobile-first game publisher with globally successful franchises (Marvel Future Fight, Lineage 2 Revolution). Comparable to ESTgames' mobile publishing arm but with broader diversification and larger scale.
• Krafton: Korean game publisher (PUBG, inZOI) with global reach across multiple genres. Less direct on MMORPG but operates in the same Korean developer/publisher ecosystem competing for talent and global audience.
• Kakao Games: Korean publisher publishing mobile and PC titles globally through the Kakao distribution ecosystem. Comparable as a Korean publisher with both publishing partnerships and in-house development.
• Square Enix: Global publisher of major MMORPG franchises (Final Fantasy XIV, Final Fantasy XI) and mobile titles. Comparable at the MMORPG category level while operating at a much larger scale and broader genre portfolio.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

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 EST Games