Volition Studios was originally founded as part of Parallax Software, the studio behind the classic Descent series. After flagging sales of their Freespace series resulted in Volition being acquired by THQ, they went on to have much greater success with the Red Faction series, and more recently, the Saints Row franchise. As part of THQ's liquidation, they were auctioned off to Koch Media and renamed Deep Silver Volition.
Loss of Intellectual Properties
Despite creating the Red Faction and Summoner franchises, Volition lost the rights to them when they were sold to Koch Media. The IPs were later sold to Nordic Games GmbH, who currently does not have any scheduled releases for either franchise.
inSANE was a game that was in development at Volition and was to be a collaboration project with film director Guillermo del Toro. It was later cancelled when THQ ran into serious financial troubles. Instead of continuing to work on inSANE, focus was shifted toward creating Saints Row IV, which was likely considered a safer project due to Saints Row: The Third's success.