Mr Sheffield, 41, earned his first fortune in 2000 when he sold Internet production business Eunite to home shopping group N Brown for more than £12m.
Two years later he set up Milliion-2-1, which develops fruit machine gambling games for mobile phones, runs an online casino and reverse auctions and operates paid-for telephone competitions for other firms.
IGT UK. a subsidiary of Las Vegas-based International Game Technology, has paid a `multi million pound' sum for Million-2-1, which is based on Ducie Street, Piccadilly.
Last year the company made a small profit on turnover of £3.5m. It employs 20 people.
The acquisition by IGT follows a two year working relationship between the two businesses.
In April this year IGT provided Million-2-1 with funds to develop mobile telephone games.
Mr Sheffield said today: "This is a fantastic deal for the company. IGT is one of the biggest gamibng companies in the world and it will give us access to greater resources and infrastructure.
"They believe the future is in mobile gaming so this is good news. and I'm very excited." He said the deal would allow him to grow his Manchester team.
"It is business as usual and I can see us doubling in size. We're keeping the name and staying in Manchester, which is a fantastic city for growing a technology business."
Mr Sheffield said he was committed to the business for `the foreseeable future'.
He has become director and general manager of IGT-UK's remote gaming business. He said: "I am really proud of what we have achieved.
"From a personal point of view there's not many people who have built two tech start ups into something "
Robert White, managing director of IGT-UK said: ""We have enjoyed a successful relationship with Million-2-1 over the past two years and the time is now right for us to join forces to capitalise on the exciting growth opportunities in remote gaming markets."
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Fawkesey (11/06/2008 at 11:38)