Tortuga Growth Partners Orchestrates Transformative Combination of SmarTek21 and Retro Rabbit

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Strategic Investment Provides SmarTek21 Platform With Product Design Capabilities and Footprint in South Africa

 

NEW YORK, January 22, 2025 - Tortuga Growth Partners, a private investment firm that creates market leaders through buy and build strategies, has announced an investment for the strategic combination of SmarTek21, a US-based AI-powered product engineering firm, and Retro Rabbit, a South Africa-based product design firm specializing in banking and insurance solutions. The combined firm will have 600+ associates globally, with offices in the United States, India, and South Africa. Terms of the transaction were undisclosed.  

 

Retro Rabbit’s design-led capabilities in cloud and enterprise application development complement SmarTek21’s robust portfolio in data analytics, regulatory information management, and digital health. SmartTek21’s acquisition of Retro Rabbit paves the way for numerous new opportunities for both companies to broaden their service offerings, achieve delivery excellence, and expand their global footprint.

 

“This combination will strengthen SmarTek21’s ability to build upon its existing partnerships with Fortune 100 clients through their design-first approach to product engineering,” said Ashray Prasad, Managing Member at Tortuga Growth Partners. “The combined firm is well-positioned to provide end-to-end custom product engineering services to large enterprise clients. We are excited to partner with Al and Dion to expand their existing client relationships and grow in new markets.”     

 

“Together, we’re building a powerhouse of comprehensive services,” added Al Lalji, Founder and CEO of SmarTek21. “We are bringing unparalleled expertise to clients across financial services, insurance, telecommunications, and more. We are excited to deliver custom software development to advanced cloud integration and AI-driven customer experiences, ensuring businesses stay ahead in the digital age. We are thrilled to welcome the Retro Rabbit team to SmarTek21.”

 

“This acquisition addresses the global business shift toward data-centric innovation,” said Dion Nair, CEO of Retro Rabbit. “Our team’s alignment with SmarTek21’s platform allows us to provide integrated solutions and deliver value to clients undergoing complex business transformations to automate their mission-critical business functions.”

 

As part of the combination, five directors have been appointed to SmarTek21’s Boards of Directors (and observers):

• Ashray Prasad, Managing Member at Tortuga Growth Partners

• Al Lalji, Founder and CEO of SmarTek21

• Walt Vester, Former Managing Director at Blackstone Private Equity

• Rob Strickland, Former CIO of T-Mobile

• Marty DeMonte, Former CIO of Jefferies

• Richard Anfang, Former Global Technology Leader at J.P.Morgan and Morgan Stanley

 

Technology Holdings acted as financial advisor to Retro Rabbit. Perkins Coie, LLP served as legal counsel to Tortuga Growth Partners, and Cohn Reznick LLP acted as financial and tax advisor to Tortuga Growth Partners.

 

About SmarTek21

 

SmarTek21, founded in 2006, is a premier provider of product engineering and enterprise modernization services, specializing in custom product development, cloud solutions, and data-driven platforms across complex industries like media and telecom, travel and hospitality, financial services, healthcare and life sciences, professional services and hi-tech. Rooted in innovation and engineering excellence, SmarTek21 offers an agile and scalable approach to mission-critical business automation. Visit www.smartek21.com for more details.

 

About Retro Rabbit

 

Retro Rabbit is a leading product design firm with extensive experience in the banking and insurance sectors, specializing in cloud development and UX/UI design. With a client roster featuring major South African banks, Retro Rabbit provides cost-effective, results-driven digital solutions tailored to complex, regulated environments. Known for its expertise in design-first approach to enterprise solutions, Retro Rabbit brings operational agility to clients by delivering tailored digital product engineering solutions.

 

 

About Tortuga Growth Partners

 

Based in New York, Tortuga Growth Partners is a private investment firm specializing in creating market leaders through buy-and-build strategies. By combining strategic investments and deep industry expertise, Tortuga partners with enterprises to drive impactful transformation across various industries. For more information, visit www.tortugagrowthpartners.com.

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