Made Tech Group has acquired the entire issued share capital of Target Applications, which trades as CX Feedback.<\/p>\n
The Glasgow-based housing technology provider serves more than 100 customers across social housing and local government. Its acquisition by the London-headquartered public sector provider of digital and data services brings further scale and customer reach, via its first office in Scotland.<\/p>\n
The deal should also bring around \u00a31m in annual recurring revenue, with the most recent figures showing revenue increased by 24% to \u00a31.45m and profit before tax was up 36% to \u00a3490,000.<\/p>\n
The initial cash consideration of \u00a33m is subject to adjustments, with up to \u00a33m of additional performance-based consideration.<\/p>\n
Made Tech is acquiring the company from its founder and sole shareholder, Johnathan Briggs, who will remain with the business to drive its growth.<\/p>\n
Rory MacDonald, chief executive of Made Tech, commented: “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.<\/p>\n
“It broadens our customer base with more than 100 additional customers across social housing and local government.<\/p>\n
“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.”<\/p>\n","protected":false},"excerpt":{"rendered":"
The deal gives the London-based acquirer its first office north of the border<\/p>\n","protected":false},"author":278857,"featured_media":8806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[57362],"coauthors":[137126],"class_list":["post-8805","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-acquisitions","tag-featured-story","tag-greater-glasgow","tag-top-story"],"yoast_head":"\n