Made Tech Group Plc (LSE:MTEC) has completed the acquisition of Target Applications Limited, trading as CX Feedback, for a maximum consideration of £6 million, expanding its technology services portfolio and customer base across the UK social housing and local government sectors.
The acquisition adds more than 100 customer relationships and provides Made Tech with its first office in Scotland, supporting its plans to expand public sector operations.
Acquisition Terms and Financial Details
Made Tech paid initial cash consideration of £3 million on completion, subject to customary net debt and working capital adjustments.
An additional payment of up to £3 million may become payable two years after completion, depending on annual recurring revenue growth over the following 24 months.
The maximum consideration, excluding working capital adjustments, will be funded entirely from Made Tech’s existing cash reserves.
The company expects the acquisition to enhance adjusted earnings in the financial year ending 31 May 2027.
CX Feedback Revenue and Profit Performance
Glasgow-based CX Feedback reported annual recurring revenue of £1.05 million as at 27 October 2026.
For the year ended 31 December 2025, the business generated revenue of £1.45 million, an increase of 24% from £1.17 million in 2024.
Profit before tax rose 36% to £490,000, compared with £360,000 in the previous year. The figures are unaudited and based on management accounts.
Established in 2010, CX Feedback provides technology that enables social housing organisations to collect tenant feedback, manage complaints and cases, and automate reporting and administrative processes.
The business operates primarily through annually renewable contracts and serves housing associations and local authorities across Scotland, England and Wales.
Expansion Into Scotland and Social Housing
The acquisition broadens Made Tech’s existing housing technology offering while increasing the proportion of recurring revenue within the group.
CX Feedback’s Glasgow office establishes Made Tech’s first permanent presence in Scotland, providing a base for developing relationships with public sector organisations.
Founder and sole shareholder Johnathan Briggs will remain with the acquired business to oversee its continued development.
The acquisition also provides Made Tech with an established customer network and additional capabilities in tenant engagement and housing management technology.
Growth Strategy and Outlook
Made Tech said the transaction represents its first acquisition and forms part of its strategy to expand through complementary businesses with recurring revenue and established public sector relationships.
The performance-based consideration is linked to annual recurring revenue growth of up to 150% over the two years following completion.
Management intends to integrate CX Feedback’s capabilities with its existing digital, data and technology services while pursuing further opportunities across the UK public sector.
More About Made Tech
Made Tech Group Plc provides digital transformation, data, artificial intelligence and technology services to UK public sector organisations and regulated industries. Its activities include modernising legacy systems, improving digital service delivery and supporting technology development across government and public services.
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