Acquisition
Summary by AI BETAClose X
MADE TECH GROUP PLC
(“Made Tech” or the “Group”)
Made Tech acquires CX Feedback
Made Tech adds market-leading social housing technology to the Group’s offerings
London, 3 November, 2026 - Made Tech Group Plc, (AIM:MTEC), a leading provider of digital, data and technology services to the UK public sector, is pleased to announce the acquisition of the entire issued share capital of Target Applications Limited (“Target Applications”), which trades as CX Feedback (the "Acquisition").
Target Applications is a Glasgow-based housing technology provider, serving more than 100 customers across social housing and local government. The Acquisition brings further scale and customer reach to Made Tech’s existing solutions and gives the Group its first office in Scotland, providing a local base from which to pursue opportunities across the Scottish public sector.
Acquisition highlights
● More than 100 customer relationships across social housing and local government, broadening the Group’s customer base and adding an established business with specialist sector expertise
● Annual Recurring Revenue (“ARR”) of £1.05 million as at 27 October 2026, expanding the Group’s existing housing solutions and recurring revenue
● An established Glasgow team and office, strengthening the Group’s ability to develop customer relationships and pursue public sector contracts in Scotland
● Profitable growth: revenue increased by 24% to £1.45 million in 2025 and profit before tax rose by 36% to £0.49 million, based on unaudited management accounts
● Initial cash consideration of £3.0 million, subject to adjustments, with up to £3.0 million of additional performance-based consideration. The Acquisition will be fully funded from existing cash reserves
● Expected to be earnings-enhancing on an adjusted earnings basis in the financial year ending 31 May 2027*
Strategic Rationale
The Acquisition expands Made Tech’s business through the addition of a profitable company serving more than 100 customers across social housing and local government. CX Feedback brings an established housing solution, long-standing customer relationships and an experienced team led by founder Johnathan Briggs, who will remain with the business to drive its continued growth.
Target Application’s CX Feedback solution broadens the Group’s existing housing solutions and increases its recurring revenue. Its Glasgow presence also gives Made Tech a local team with established relationships and sector knowledge from which to expand its activity in Scotland.
About Target Applications / CX Feedback
Established in 2010, Target Applications operates the CX Feedback business (www.cx-feedback.co.uk/). Its technology solutions help social housing providers in Scotland, England and Wales collect and act on tenant feedback, manage complaints and cases, and automate associated workflows and reporting.
Headquartered in Glasgow, the business serves more than 100 customers, including social housing associations and local authorities. Made Tech is acquiring the company from its founder and sole shareholder, Johnathan Briggs, who will remain with the business to drive its continued growth.
CX Feedback operates a recurring revenue model, with contracts typically renewed annually and many long-standing customer relationships, together with low customer churn. ARR was £1.05 million as at 27 October 2026.
For the year ended 31 December 2025, Target Applications generated revenue of £1.45 million (2024: £1.17 million) and profit before tax of £0.49 million (2024: £0.36 million). This financial information is unaudited and based on management accounts.
Consideration
The total maximum consideration for the Acquisition is up to £6.0 million, excluding working capital adjustments, and will be fully funded from Made Tech’s existing cash reserves. Initial gross consideration of £3.0 million was paid in cash on completion, which was subject to a customary net debt and working capital adjustment and an overall cap.
Additional consideration of up to £3.0 million is payable in cash two years after completion, based on the achievement of ARR growth of up to 150% over the 24-month period following completion.
Rory MacDonald, CEO of Made Tech Group plc, commented: “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. It broadens our customer base with more than 100 additional customers across social housing and local government.”
“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.”
About Made Tech
Made Tech is building the next generation of public services. The Company provides digital, data, AI and technology services to the UK public sector and other regulated industries.
The company helps clients modernise legacy technology, accelerate digital delivery, strengthen cyber resilience and harness data and AI. Its work enables organisations to operate more efficiently, reduce costs and deliver services that are more accessible, reliable and effective for users.
Made Tech Group plc is quoted on the AIM market of the London Stock Exchange (symbol MTEC.L). For more information, please visit madetech.com.
Enquiries:
|
Made Tech Group plc
Rory MacDonald, CEO
|
Email: investor-relations@madetech.com |
|
Canaccord Genuity Limited (Nominated Adviser & Broker) Simon Bridges / Harry Gooden / Andrew Potts |
Tel: +44 (0) 20 7523 8000
|
*No statement in this announcement is intended as a profit forecast or estimate for any period and no statement in this announcement should be interpreted to mean that earnings or earnings per share for Made Tech for the current or future financial periods would necessarily match or exceed the historical published earnings or earnings per share for Made Tech.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 31 minutes ago MING YANG SMART ENERGY GROUP LIMITED
- 2 hours ago Wynnstay Group
- 2 hours ago Power Probe PLC
- 2 hours ago Literacy Capital
- 15 hours ago Legal & General Group