Ratbag was founded in 1993 in Adelaide, South Australia by Richard Harrison and Greg Siegele. Known initially as Emergent Games, the company took 3 years to prototype their first title Powerslide. Following its acquisition by Midway Games on 4 August 2005, the company was known as Midway Studios - Australia. On 13 December 2005, employees at the studio were told that Ratbag was going to be closed by its parent company. Two days later on the 15th, the studio was closed, leaving the staff employed there without a job. Subsequently, Krome Studios rehired many of the ratbag staff and established Krome Studios Adelaide.
Source: Wikipedia, "Ratbag Games," available under the CC-BY-SA License.