It was founded in 1990 by Paul Neurath and Ned Lerner in Cambridge, Massachusetts. The company went out of business in 2000 due to a financial crisis with their publisher at the time, Eidos Interactive, as well as very poor sales of their two self-published games. The final game to be completed and released was Thief II: The Metal Age.
Before closing the company graciously released DromEd, its level designer and editor, to the fan community. This lead to a dedicated fanbase creating a number of fixes for their published games and even a few fanmade missions.