Made Tech Group plc (AIM: MTEC), a provider of digital, data and technology services to the UK public sector, has announced the acquisition of Target Applications Limited, which trades as CX Feedback, a Glasgow-based housing technology business serving more than 100 customers. The deal carries a total maximum consideration of up to £6.0 million, funded entirely from Made Tech's existing cash reserves. The acquisition is expected to be earnings-enhancing on an adjusted basis in the financial year ending 31 May 2027, and gives the Group its first office in Scotland.

Key Points

  • Made Tech Group plc (MTEC) acquires Target Applications Limited, trading as CX Feedback
  • Initial cash consideration of £3.0 million paid on completion, with up to £3.0 million in additional performance-based consideration payable two years after completion
  • CX Feedback reported revenue of £1.45 million and profit before tax of £0.49 million for the year ended 31 December 2025, based on unaudited management accounts; ARR stood at £1.05 million as at 27 October 2026
  • Investors should watch for ARR growth progress against the 150% target that triggers the full additional £3.0 million earn-out payment

CX Feedback's Social Housing Technology and 100-Plus Customer Base Broaden Made Tech's Public Sector Reach

Established in 2010 and headquartered in Glasgow, Target Applications operates the CX Feedback platform, which helps social housing providers across Scotland, England and Wales collect tenant feedback, manage complaints and cases, and automate associated workflows and reporting. The business serves more than 100 customers, including social housing associations and local authorities, and operates a recurring revenue model with contracts typically renewed annually. Annual Recurring Revenue stood at £1.05 million as at 27 October 2026, adding a meaningful recurring income stream to Made Tech's existing housing solutions portfolio.

CX Feedback Revenue Rose 24% and Profit Before Tax 36% in 2025, Based on Unaudited Accounts

According to unaudited management accounts cited in the announcement, Target Applications generated revenue of £1.45 million in the year ended 31 December 2025, up from £1.17 million in 2024, representing growth of 24%. Profit before tax rose 36% to £0.49 million from £0.36 million over the same period. Made Tech has described the business as profitable and growing, with low customer churn and long-standing customer relationships — characteristics the Group states it seeks in acquisition targets. The acquisition is expected to be earnings-enhancing on an adjusted basis in the financial year ending 31 May 2027.

Up to £3.0 Million Earn-Out Linked to 150% ARR Growth Over 24 Months Post-Completion

The initial gross consideration of £3.0 million was paid in cash on completion and was subject to customary net debt and working capital adjustments. Additional consideration of up to £3.0 million is payable in cash two years after completion, contingent on CX Feedback achieving ARR growth of up to 150% over the 24-month period following the transaction. The entire consideration is funded from Made Tech's existing cash reserves. Founder Johnathan Briggs, who was the sole shareholder, will remain with the business following the acquisition.

Glasgow Office Opens Scottish Public Sector Market for Made Tech's Digital and AI Services

The acquisition provides Made Tech with its first physical presence in Scotland, establishing a local team with existing relationships and sector knowledge across Scottish social housing and local government. The announcement states the Glasgow base will serve as a platform from which the Group intends to pursue broader Scottish public sector opportunities. Made Tech's existing services span digital delivery, legacy technology modernisation, cyber resilience, and data and AI — capabilities that may now be introduced to CX Feedback's established customer base of more than 100 public sector organisations across the UK.