Nasdaq-listed virtual sports betting technology supplier Inspired Gaming Group has been sold to a newly formed acquisition vehicle for £200m.

On Thursday, New York-based Hydra Industries announced it had convinced Inspired’s hedge fund owners Vitruvian Partners to sell the company. It’s the second major shedding of gaming operations by Vitruvian this year, following the April sale of betting tech outfit OpenBet to NYX Gaming Group for £270m.

Hydra will pay Vitruvian around $100m in cash upfront, with the remainder payable in Hydra shares, giving Vitruvian a 35% stake in Inspired. Vitruvian could receive additional shares if Inspired hits future performance benchmarks. The deal is expected to close in October, after which Inspired will be rechristened Inspired Entertainment.

Hydra is led by Lorne Weill, the former CEO of gaming technology supplier Scientific Games Corp. Weill will become Inspired’s new executive chairman while Inspired founder and CEO Luke Alvarez will continue in his current role while also getting a seat on the new Inspired’s board of directors.