Update: It's now been confirmed by InXile Entertainment that Shapeshifter Games has been working on the upcoming Clockwork Revolution as a "co-development partner". Here's a bit more about the collaboration:
"Shortly after Volition closed, we flew to Illinois and worked with Xbox and the then ex-Volition leadership to secure this new team as our co-development partner. Their wealth of industry experience further bolstering our efforts in developing our upcoming steampunk RPG Clockwork Revolution."
Original story: Xbox has a lot of projects in the pipeline, with all sorts of developers involved. With this in mind, it's been discovered that the "newly-formed" studio, Shapeshifter Games, is currently "co-developing" an Xbox Game Studios project.
Shapeshifter Games (located in Champaign, Illinois) has been founded by "veteran developers" from the Saints Row studio Volition and was created to partner with "world-class" developers & publishers for the creation of AAA games. Information about its first project comes from the LinkedIn profile of a lighting artist named Andrew 'AJ' Nelson, who has been involved in the "Xbox Game Studios project" since November last year.
On Shapeshifter Games' official website, it mentions how the team draws upon "deep experience in open-world and character action games" while also working on some of the industry's "most beloved franchises". Its history is comprised of "core technology group" and "creative leadership" at Volition - with the team currently recruiting talented developers, including a Lead Engineer, to help it build towards a future.
This development follows the closure of Volition last September after the newest Saints Row game failed to meet Embracer Group's expectations. Throughout its history, the studio also worked on games like Red Faction and the original Saints Row series.