Summary
- AIM-listed Made Tech Group has acquired Target Applications, the Glasgow-based business that trades as CX Feedback.
- Initial cash consideration is £3.0m, with up to £3.0m more payable after two years subject to ARR growth.
- CX Feedback serves more than 100 customers across social housing and local government.
- It had annual recurring revenue of £1.05m at 27 October 2026.
- The deal gives Made Tech its first office in Scotland.
Full Article
Made Tech Group, which provides digital, data and technology services to the UK public sector, has acquired Glasgow-based Target Applications, which trades as CX Feedback.
The deal gives the AIM-listed company its first office in Scotland, providing a local base to pursue opportunities across the Scottish public sector.
Established in 2010, Target Applications helps social housing providers in Scotland, England and Wales collect and act on tenant feedback, manage complaints and cases, and automate associated workflows and reporting. It serves more than 100 customers, including housing associations and local authorities.
Made Tech acquired the company from its founder and sole shareholder, Johnathan Briggs, who will remain with the business.
Made Tech paid initial cash consideration of £3.0m on completion, subject to adjustments. Up to £3.0m more is payable in cash two years after completion, depending on annual recurring revenue (ARR) growth of up to 150% over that period. The maximum total consideration is £6.0m, excluding working capital adjustments, funded from existing cash reserves.
CX Feedback’s ARR was £1.05m at 27 October 2026. Contracts are typically renewed annually. For the year to 31 December 2025, the business generated revenue of £1.45m, up from £1.17m, and profit before tax of £0.49m, up from £0.36m. The figures are unaudited and based on management accounts.
Made Tech expects the acquisition to enhance earnings on an adjusted basis in the year ending 31 May 2027.
Rory MacDonald, chief executive of Made Tech Group, said: “We are delighted to have completed our first acquisition utilising our strong balance sheet to accelerate growth and performance. CX Feedback has many of the qualities we are looking for in an acquisition: a profitable, growing public sector business with recurring revenue and strong customer relationships.
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“We know the social housing sector well through our work in central and local government, and this acquisition expands our offering in an area of national importance. The Glasgow team also gives Made Tech its first office in Scotland and will provide a strong growth platform for expanding our work across the UK public sector.
“Johnathan and the team have built a business to be proud of. We are delighted to welcome them to the Group and look forward to the opportunities this combination will bring.”
