Founded in 2002 by Marc Moehring and Sascha Jungnickel, the company was best known for developing Velvet Assassin, which was released by SouthPeak Games in April 2009.

However, the game failed to succeed commercially, because of which the company filed for insolvency and effectively dissolved in August that year.

[1][2] In July 2006, Replay Studios announced Sabotage, a stealth game set in World War II, in partnership with German publisher DTP Entertainment.

[10] Following the poor commercial performance of Velvet Assassin and Tunnel Rats: 1968, it was reported on 3 August 2009 that the company had filed for insolvency.

[12][13][14][15] Survivor, a game announced in October 2004 that would have revolved around surviving disastrous events, such as the sinking of the RMS Titanic, Hurricane Andrew, the September 11 attacks, the atomic bombing of Hiroshima, as well as the 1985 Mexico City earthquake, was never released.