What CI Games does

CI Games SE is a publicly traded Polish video game developer, publisher, and distributor founded in 2002 and headquartered in Warsaw. The company operates through internal development studios — Hexworks (focused on RPG titles including the Lords of the Fallen franchise) and Underdog Studio (responsible for the Sniper Ghost Warrior series) — along with regional offices in Barcelona, Bucharest, London, and New York, and a publishing subsidiary called United Label that specializes in smaller indie titles such as Röki, Eldest Souls, and Tails of Iron. CI Games owns and monetizes a portfolio of proprietary game franchises across the action-RPG, tactical shooter, and indie adventure genres.

The company's core technology stack is built on Unreal Engine 5, with cross-platform multiplayer infrastructure provided through Epic Online Services supporting matchmaking, friends list functionality, and shared progression in cooperative play. Its titles are distributed simultaneously on day one across PC (Steam, Epic Games Store), PlayStation 5, Xbox Series X|S, and — as of June 2026 — Nintendo Switch 2, with global physical retail handled through a partnership with PLAION. The company generates revenue primarily through one-time-purchase game licenses and downloadable content (DLC) packs across both digital storefronts and physical retail, supplemented by inclusion in subscription services such as PlayStation Plus.

CI Games targets three primary consumer segments: soulslike action-RPG enthusiasts seeking demanding combat and cooperative multiplayer, console gamers on current-generation hardware, and the PC gaming community. Its go-to-market blends direct-to-consumer digital storefront sales with community-led marketing through a Creator Initiative influencer program, major gaming-event presentations (Summer Game Fest, The Game Awards, Nintendo Direct), and active social media engagement. As of early 2026, the Lords of the Fallen (2023) reboot had sold 2.5M+ units and crossed profitability, the Sniper Ghost Warrior franchise had cumulative sales exceeding 13M copies, and the company was preparing to launch Lords of the Fallen II in Q1 2027 following a March 2026 equity raise of approximately PLN 70 million.

Name

CI Games

Legal name

CI Games SE

Website

https://cigames.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

251–500 employees

Short description

CI Games is a publicly traded Polish video game developer and publisher that creates and distributes the Sniper Ghost Warrior and Lords of the Fallen franchises across PC, PlayStation, Xbox, and Nintendo Switch 2, serving global consumer gaming audiences through its Hexworks and Underdog development studios.

Ownership category

akta.pro rank

Product category

Video Game Publishing

NAICS

Software Publishers (5132)

akta.pro primary industry

AAA & Premium Game Studios (PC/Console) (MPAFAAAA)

Keywords

• Video game publishing
• Action RPG games
• Tactical shooter games
• Game development
• Interactive entertainment

Headquarters

HQ city

Warszawa

HQ country

Poland

HQ region

Europe

Offices5 records

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: One-time purchase model for full game releases across PC and console platforms, including both digital download and physical retail editions
2. Downloadable Content (DLC): Additional content packs and expansions sold separately to enhance replayability and extend game lifecycle

Go-to-market motion2 records

Distribution channels7 records

Marketing channels5 records

Core offering

CI Games is an independent international publisher, developer, and distributor of interactive entertainment. It develops and self-publishes premium video games across PC and consoles, anchored by two proprietary franchises—the Lords of the Fallen soulslike action-RPG series and the Sniper Ghost Warrior tactical sniping franchise—and operates an indie publishing arm (United Label) for smaller ambitious titles. Distribution spans day-one digital launches on Steam, Epic Games Store, PlayStation Store, Xbox Store, and Nintendo eShop, plus global physical retail through PLAION.

Product overview

CI Games is an independent video game developer and publisher operating on a global scale. The company manages a portfolio of proprietary game franchises alongside a publishing subsidiary. Its core proprietary titles include the Sniper Ghost Warrior franchise (a tactical first-person sniping series with over 13 million cumulative sales) and the Lords of the Fallen dark fantasy action-RPG series. The company also operates United Label, a publishing arm for smaller ambitious indie titles including Röki, Eldest Souls, Tails of Iron, and upcoming Tails of Iron 2. Development is distributed across internal studios: Underdog Studio handles the Sniper Ghost Warrior series, while Hexworks focuses on RPG titles including Lords of the Fallen. CI Games distributes its titles through major digital storefronts (Steam, Epic Games Store, PlayStation Store, Xbox Store) and physical retail partnerships (PLAION for Lords of the Fallen II).

Differentiator

Problem solved

Functional benefit

Brands

• United Label: Publishing arm specializing in smaller but equally ambitious titles including Röki, Eldest Souls, and Tails of Iron. Founded in 2018.
• Underdog Studio
• Hexworks

Products and services

• Lords of the Fallen II Upcoming dark fantasy action-RPG sequel developed by Hexworks for PC (Steam, Epic Games Store), PlayStation 5, Xbox Series X|S, and Nintendo Switch 2, featuring cross-platform co-op multiplayer, an expanded world with new regions, and a new katana weapon class.
• Lords of the Fallen (2023) Dark fantasy action-RPG developed by Hexworks featuring Souls-like combat and a dual-realm mechanic where players alternate between the world of the living and the Umbral dimension, including online co-op multiplayer with shared progression.
• Sniper Ghost Warrior Contracts 2 First-person tactical sniper game developed by Underdog Studio featuring extreme long-range sniping with targets over 1,000 meters, released on PS4, PS5, Xbox One, Xbox Series X/S, and PC.
• Sniper Ghost Warrior Contracts First-person sniping game in the Sniper Ghost Warrior franchise, serving as the immediate predecessor to Contracts 2.
• Sniper Ghost Warrior 3 Third installment in the Sniper Ghost Warrior series, featuring open-world gameplay elements.
• Sniper Ghost Warrior 2 Second installment in the Sniper Ghost Warrior series, a first-person tactical sniper game.
• Lords of the Fallen (2014) Original action-RPG in the Lords of the Fallen series that sold over 3 million copies worldwide.
• Alien Rage First-person shooter developed and published by CI Games.
• Enemy Front First-person shooter set during World War II developed and published by CI Games.
• Dogfight 1942 World War II aerial combat game developed and published by CI Games.
• Röki Award-winning monster-themed adventure game published by United Label (CI Games' indie publishing arm); nominated for Best Debut Indie Game at The Game Awards.
• Eldest Souls Pixel-art boss-rush game published by United Label featuring Souls-like combat.
• Tails of Iron Adventure RPG with Souls-like combat published by United Label, featuring a narrative about a rat kingdom.
• Tails of Iron 2: Whiskers of Winter Announced sequel to Tails of Iron by Odd Bug Studio, published under United Label.
• Horae Roguelike RPG with turn-based combat published by United Label, currently in development.

Quantifiable outcome

• Lords of the Fallen (2023) surpassed 2.5 million sales and achieved profitability by March 2026
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature2 records

Partnerships

One partnership is on record.

• PLAIONcoreChannel Partner/ Reseller/ Distributor · 6 March 2026PLAION handles global physical distribution and retail sales for Lords of the Fallen II, managing all aspects of logistics and commercial marketing on international markets. This builds on the successful collaboration from the 2023 Lords of the Fallen launch.

Scale indicators5 records

Recent moves11 records

Expansion highlights6 records

Direct peers

• FromSoftware: Japanese developer of the Dark Souls and Elden Ring franchises — the defining Souls-like developer against which CI Games' Lords of the Fallen series is directly compared, sharing the soulslike action-RPG genre and PC/console multi-platform release model.
• Neowiz (Round 8 Studio): South Korean publisher/developer of Lies of P, a soulslike action RPG with dark fantasy setting and challenging combat — competing in the same niche as Lords of the Fallen across PC and consoles.
• Koei Tecmo (Team Ninja): Developer of Wo Long: Fallen Dynasty and Nioh, soulslike action games with cooperative multiplayer; competes directly with CI Games' Lords of the Fallen franchise on PC and console platforms.
• Bloober Team: Polish game developer known for dark, atmospheric action-horror titles including The Medium and Silent Hill 2 remake; comparable mid-cap European developer with a similar premium PC/console horror/action portfolio and Kraków-based operations.
• Techland: Polish developer of Dying Light and Call of Juarez franchises, operating in the premium action game segment on PC/console; comparable mid-cap Polish studio with similar multi-studio footprint and global publishing ambitions.
• CD Projekt: Polish AAA developer of The Witcher and Cyberpunk 2077; a larger but thematically aligned Polish-headquartered game developer/publisher with public listing, premium PC/console focus, and global IP ambitions.
• 11 bit studios: Polish game developer/publisher of Frostpunk and This War of Mine; a comparable Warsaw-listed mid-cap Polish game company with proprietary IP and global multi-platform publishing.
• Rebellion Developments: UK independent developer/publisher known for Sniper Elite and Zombie Army; a comparable mid-sized European developer of premium action shooters on PC/console, and former employer of CI Games' HR Director.

Broad incumbents

• Bandai Namco Entertainment: Global publisher of FromSoftware's Souls titles and a broad AAA publisher across action, RPG, and anime franchises; directly relevant as the publisher of CI Games' most direct genre competitor (Elden Ring) and as a comparable multi-franchise publisher.

Others

• Keywords Studios: Ireland-based provider of game development and publishing support services; relevant as the prior employer of CI Games' CFO and as a benchmark for public-market valuation of mid-cap European games services/publishing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key highlights7 records

Customer concentration

• Xx.com/CIGamesOfficial
• YouTubeyoutube.com/user/cityinteractive
• Facebookfacebook.com/CIGamesOfficial
• LinkedInlinkedin.com/company/26844
• Instagraminstagram.com/cigamesofficial

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries7 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 CI Games