The story
Ultra's first NES game was Metal Gear. At first, Ultra was dedicated to localizing Konami's pre-existing software from Japan, but later it began publishing works from other companies as well. Some of Konami's most notable games released under the Ultra label include Operation C, Snake's Revenge and the first few Teenage Mutant Ninja Turtles games for the NES and Game Boy. The IBM PC and Commodore 64 conversions of Teenage Mutant Ninja Turtles and Metal Gear were also published under the Ultra branding.
After the North American launch of the Super NES in 1991, Nintendo started relaxing the restriction on the number of games third parties could publish each year. As a result, Ultra Games began losing its purpose and Konami dropped the label in 1992. The last games released by Ultra Games were Ultra Golf and World Circuit Series, both released in March 1992.
In Europe, Konami established the Palcom Software Limited subsidiary for similar purposes. Its library was relatively similar to Ultra's but the company also published games that were not released in North America, notably Road Fighter, Parodius and Crackout. Palcom also released Super NES games that were published in North America by Konami itself. In contrast, some games that were released under the Ultra name in North America, such as Metal Gear and Snake's Revenge, were published under the regular Konami brand in Europe. The European subsidiary lasted longer than Ultra Games, until it was closed down in early 1994.
From Wikipedia’s article on Ultra Games, shared under CC BY-SA 4.0.3