TH Global Capital advises Retro Rabbit, a financial services digital product engineering firm, on its strategic sale to SmarTek21, backed by New York based Tortuga Growth Partners

Seller Retro Rabbit

Buyer SmarTek21

Focus Sector Financial Services Product Engineering

Date November 2024

TH Global Capital (formerly known as TH Global Capital) is pleased to announce that it has acted as the exclusive financial advisor to Retro Rabbit, an award-winning banking, financial services & insurance (BFSI) focused digital product engineering company, on its strategic sale to SmarTek21. SmarTek21 is backed by New York-based private investment firm, Tortuga Growth Partners. This is our 32nd BFSI transaction and 11th product engineering deal. This transaction also marks the 26th country – South Africa, in which TH Global Capital has transacted, further solidifying its position as the leading boutique investment bank on the global stage.

We are extremely grateful for the invaluable support and guidance provided by TH Global Capital (‘TH’) throughout our merger process. As our sell-side M&A advisor, TH played a crucial role in setting us up for the next phase of Retro Rabbit’s international expansion and growth. From the outset, TH was instrumental in helping us identify the right buyer and partner for our business. They facilitated complex negotiations with professionalism and expertise, ensuring that our interests were always front and centre. They also guided us through the often-challenging due diligence process, preparing us every step of the way for a smooth and successful outcome. What truly set TH apart was their deep industry knowledge and vast global network of buyers. Their connections and insights were invaluable in making sure we found the right strategic fit. We are confident that without their dedication and expertise, the deal would not have been the success it is today. We wholeheartedly recommend TH Global Capital to anyone seeking an experienced, committed, and knowledgeable partner to navigate complex M&A transactions.

Theo Danzfuss Co-Founder, Retro Rabbit

Founded in 2004 and headquartered in South Africa, Retro Rabbit is a leading independent digital engineering and software development business providing solutions to blue-chip enterprise clients. Retro Rabbit has long-standing relationships with many of the largest banking and insurance institutions in South Africa, providing vast expertise in the financial services sector. The company’s 200 strong multi-disciplinary team offer deep technology stack expertise to provide cutting-edge software solutions for B2B and B2C use cases to enterprise clients globally.

The transaction combines two strategically aligned and complementary businesses, enabling SmarTek21 to fortify its digital transformation and product engineering capabilities, strengthen its industry expertise, and expand its geographic footprint. The combination will accelerate Retro Rabbit’s growth into new regions as well as its current markets and provides multiple synergies across the two organisations.

“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.

“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.”

Vivek Subramanyam, Founder and CEO of TH Global Capital, said, “We are excited to have completed this significant transaction with Retro Rabbit—our 11th digital product engineering deal and 32nd deal in the Banking & Financial Services IT space. It also represents a TH deal in our 26th country – South Africa. This transaction is a testament to TH Global Capital’s extensive expertise and proven capabilities in the digital transformation and digital engineering space. We wish Retro Rabbit every success in their strategic partnership with Tortuga Growth Partners and SmarTek21.”

Ben Wood, Associate Vice President at TH Global Capital, added, “We are thrilled to have supported Retro Rabbit at this significant stage in their growth journey. It’s been a delight working with the Retro Rabbit team who have built a truly exceptional business. SmarTek21 offers a strong cultural fit and provide several unique strategic opportunities to this new partnership. Deepest congratulations to the Retro Rabbit shareholders, we wish them great success in their next chapter.”