Made Tech has acquired Glasgow-based Target Applications for an initial £3m, expanding its public-sector software operations into social housing management and establishing its first office in Scotland.
The transaction includes up to £3m in additional performance-related consideration payable after two years, giving the acquisition a potential maximum value of £6m before working capital adjustments.
Made Tech, which provides digital, data, and technology services to UK public-sector organisations, has purchased the company from founder and sole shareholder Johnathan Briggs.
Target Applications trades as CX Feedback, supplying software used by housing associations and local authorities to collect tenant feedback, manage complaints, administer cases, and automate reporting processes.
The business serves more than 100 customers across Scotland, England, and Wales, giving Made Tech an established client base within the social housing sector.
Founded in 2010, Target Applications operates a recurring-revenue model built around software contracts that are typically renewed annually.
Annual recurring revenue stood at £1.05m on 27 October 2026, with the company reporting longstanding customer relationships and low levels of customer churn.
For the year ended 31 December 2025, Target Applications generated revenue of £1.45m, compared with £1.17m in the preceding year.
Profit before tax increased from £360,000 to £490,000 over the same period. The figures are based on unaudited management accounts.
The acquisition extends Made Tech’s existing work with public-sector organisations into an established software product used by social landlords.
Social housing providers face operational requirements involving tenant engagement, complaints handling, case management, and regulatory reporting.
Software that organises these activities can reduce administrative duplication and provide more consistent records of interactions with residents.
By acquiring CX Feedback, Made Tech gains an existing product, customer relationships, and specialist development expertise rather than having to establish an equivalent business from the beginning.
The transaction also provides a Glasgow office, giving Made Tech a physical presence in Scotland from which to pursue additional opportunities across the country’s public sector.
The acquired business has an established customer base and team with experience in local government and social housing, areas that complement Made Tech’s broader public-sector operations.
Briggs will remain with the business to support its development, maintaining management continuity and existing customer relationships during the integration.
The initial £3m consideration was paid in cash from Made Tech’s existing reserves and remains subject to customary net debt and working capital adjustments.
The additional consideration will depend on the acquired business achieving specified annual recurring revenue growth over the following two years.
That arrangement links part of the eventual purchase price to future commercial performance, rather than requiring the full potential consideration to be paid at completion.
Made Tech expects the acquisition to enhance adjusted earnings during the financial year ending 31 May 2027.
Chief executive Rory MacDonald said: “We are delighted to have completed our first acquisition utilising our strong balance sheet to accelerate growth and performance.”
He also identified the company’s recurring revenue, customer relationships, and specialist housing technology as important factors in the transaction.
The deal is Made Tech’s first completed acquisition and introduces a further source of software subscription revenue alongside its existing digital transformation and technology services activities.
Recurring software contracts can provide greater visibility over future income than project-based consulting arrangements, although revenues remain dependent on customer retention, renewals, and the commercial performance of the product.
Made Tech plans to integrate CX Feedback with its existing software activities while preserving the acquired team’s specialist knowledge and established customer relationships.
The purchase adds a profitable Glasgow-based operation, more than 100 customer relationships, and an additional source of recurring revenue to Made Tech’s public-sector portfolio.
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