Insane, a game developed in collaboration with Guillermo del Toro was announced at 2010 Spike Video Game Awards but Volition's version of the game was cancelled in 2012. del Toro has since announced that Insane is still currently in development from an as of yet undisclosed developer.
When THQ filed for bankruptcy, many companies showed interest in the assets of THQ, especially since THQ announced that they will attempt to keep the jobs of their employees by selling their various assets. General manager of Volition Inc., Dan Cermak said that Warner Bros., Electronic Arts, Take-Two, Ubisoft, Deep Silver, and an unnamed group from Chicago all completed site visits in the weeks preceding the sale. Eventually, Volition was acquired by Koch Media for 22.3 million dollars. None of the other companies that showed interest in Volition actually bid except for Ubisoft that bid 5.4 million dollars.
Volition was the second most expensive THQ asset sold during the auction (after Relic Entertainment). It is believed to be worth that much due to the past success of its games that made by the studios such as Saints Row: The Third. In early 2012, Saints Row: The Third sold around 4 million copies from its release date which was in mid November 2011. THQ also claimed that the game's downloadable content packages were performing much better than anticipated.
As part of THQ's bankruptcy in January 2013, Volition Inc and the Saints Row franchise were acquired by Koch Media, with future titles being published under its Deep Silver brand. Volition's Red Faction and Summoner franchises were not acquired with the company by Deep Silver, instead being acquired by video game publisher and developer Nordic Games.