Cyprus is gaining momentum as a gaming jurisdiction, with GDEV leading the way. The country’s talented workforce, innovative culture, and favorable business environment, including a low corporate tax rate of 2.5%, make it an attractive destination for game development and entrepreneurship. GDEV, formerly Nexters, has become a multinational corporation and the only Cypriot company listed on Nasdaq, with popular gaming franchises like “Hero Wars” and “Pixel Gun 3D.” Their success showcases Cyprus’s thriving tech and gaming scene, and their strategic milestones and acquisitions have solidified their position in the market. Despite challenges, GDEV remains resilient and looks to diversify and expand in the future, leveraging Cyprus’s business ecosystem and commitment to cutting-edge technologies.
Why is Cyprus becoming a preferred jurisdiction for gaming companies like GDEV?
Cyprus is emerging as a gaming hub, attracting companies like GDEV due to its talented workforce, innovative culture, and favorable business environment. With a corporate tax rate of just 2.5%, robust infrastructure, and minimal government interference, Cyprus offers a nurturing ground for game development and entrepreneurship, fostering a vibrant scene for tech and gaming companies.
Cyprus has been gaining accolades for its burgeoning presence in the gaming industry, drawing attention from international entities due to its pool of talented professionals and a culture of innovation. At the forefront of this progress is GDEV, a company that has transitioned impressively from its early days to a prominent multinational corporation.
The Rise of GDEV
Originally known as Nexters, GDEV has taken significant steps in its corporate journey, earning its place as the only Cypriot company listed on the prestigious Nasdaq stock exchange after a strategic rebranding. Through its various subsidiaries, the company crafts addictive games that have ensnared millions of players across the globe.
A Roster of Success
GDEV is the proud creator of several top-tier gaming franchises including “Hero Wars,” “Island Questaway,” “Pixel Gun 3D,” and “Throne Rush.” These titles have collectively racked up hundreds of millions of downloads, with a particularly strong following in the United States.
Founding Visionaries
The company’s inception story is one of serendipity and shared ambition. Andrey Fadeev, the current CEO, previously managed Progrestar, a studio dedicated to social games, while Boris Gertsovskiy harbored dreams of his own gaming venture. Their paths converged in 2010, laying the groundwork for what would become Nexters.
A Mobile Gaming Powerhouse
Nexters’ transformation into GDEV, particularly its pivot to mobile gaming in 2018, catalyzed a period of explosive growth. Since making the switch, the company has seen a surge in its player base, revenue, and team size, now boasting over 700 employees predominantly based in Cyprus.
Strategic Milestones and Market Domination
GDEV’s evolution is marked by bold moves and smart strategies. In an interview, Fadeev reminisced about “Hero Wars,” not just as a commercial hit but as a product of unwavering dedication. The game has maintained a top position in mobile RPG charts for over seven years. The company’s recognition as one of Europe’s leading independent mobile game developers is a testament to their influence in the market.
Nasdaq Listing and Acquisitions
2019 and 2020 saw GDEV climbing up the ranks and substantially increasing its revenue from the US. The year 2021 was particularly pivotal, with the company’s listing on Nasdaq and initiating significant acquisition talks. This culminated in the $100 million acquisition of “Pixel Gun 3D” in 2022, a favorite among American teens, which alone boasted close to 200 million installations.
Cyprus as a Tech Haven
The success of GDEV is also a story about Cyprus’s attractive business ecosystem. With its solid infrastructure, favorable tax conditions, and minimal government interference, Cyprus offers a nurturing ground for companies like GDEV. The corporate income tax rate of just 2.5% is especially appealing for game developers and entrepreneurs, promoting a vibrant scene where creativity can thrive.
Adapting to Global Challenges
Despite challenges like geopolitical tensions and economic volatility, GDEV has emerged resilient. The company even reported record revenues in 2022, proving its adaptability and drive. Looking forward, GDEV is set to diversify its portfolio, expand existing franchises, and explore new platforms and media, with a continued focus on the lucrative US market.
Leveraging Cyprus for Future Technologies
The dynamic gaming landscape demands constant evolution, and GDEV aligns with Cyprus’s flexible and adaptive nature. Both entities share a commitment to attracting top-tier talent and leveraging the latest technologies, such as AI for automation. As the tech and gaming community in Cyprus flourishes, GDEV contributes its expertise, further cementing the island nation’s reputation as a tech hub.
In Pursuit of Passion and Innovation
As GDEV continues on its ambitious path, it serves as an emblem of what dedication and innovation can achieve within the ever-changing tech environment. The company’s leadership, with its eye firmly on the future, stands as a beacon for like-minded entrepreneurs aspiring to make their mark in the digital world.
Quick Recap
- Cyprus is gaining momentum as a gaming jurisdiction, with GDEV leading the way.
- Cyprus offers a talented workforce, innovative culture, and favorable business environment for game development and entrepreneurship, with a low corporate tax rate of 2.5%.
- GDEV, formerly Nexters, is a multinational corporation and the only Cypriot company listed on Nasdaq, with popular gaming franchises like “Hero Wars” and “Pixel Gun 3D.”
- GDEV’s success showcases Cyprus’s thriving tech and gaming scene, and their strategic milestones and acquisitions have solidified their position in the market.
- GDEV remains resilient and looks to diversify and expand in the future, leveraging Cyprus’s business ecosystem and commitment to cutting-edge technologies.
