MMORPG developer Cryptic Studios has been acquired by Atari parent company Infogrames, the companies have revealed.

The announcement specified that Atari will now be able to "create unique, high quality MMO games on 18 to 24-month cycles."

Cryptic Studios, which developed City of Heroes and City of Villains for NCSoft, had been known to be developing Champions Online and Star Trek Online, but today's announcement also reveals development of a third project. The untitled game is scheduled for 2011, according to GamesIndustry.biz, following Champions Online in 2009 and Star Trek Online in 2010. "This is exactly the type of company we wanted to acquire in order to build Atari for the 21st century," said Infogrames CEO David Gardener.

Infogrames is paying $26.7 million right away, with an additional $20 million in stock or cash heading Cryptic's way if revenues of Champions Online and Star Trek Online hit certain targets.