Based in Regensburg, Germany, they began in 1995 as a group of university students who had the notion to write an online role playing game. The company was formally founded in June 2001 by Stephan Börzsönyi, Guido Lübke, Ulrich Schlott, and Stephan Vogler, when the students decided to run Tibia full-time after graduating from the university. The founders act as executive officers of the company. They still maintain Tibia today (with the assistance of paid and volunteer staff), and regularly release content updates, game patches, and feature modifications.