An affiliate of Etna Capital has completed the acquisition of CodeRoad, a provider of digital engineering, software development, and AI solutions to enterprise customers across North America.
Based in Austin, Texas, Etna Capital is a middle-market private equity firm focused on enterprise software, IT services, and tech-enabled businesses. The firm said the transaction represents a carve-out investment aligned with its strategy of backing companies positioned for breakout growth and operational transformation.
CodeRoad delivers nearshore engineering talent and AI-driven solutions through its proprietary Velocity-as-a-Service platform, which integrates delivery orchestration, operational intelligence, and AI-augmented engineering frameworks. The company works with clients across industries, including manufacturing, financial services, transportation, and enterprise software, helping organizations accelerate development cycles and scale innovation.
As part of the transaction, CodeRoad will continue expanding its capabilities as an AI-first technology partner, with a focus on building agentic AI solutions that automate end-to-end workflows, enhance product functionality, and reduce reliance on internal resources. The company is also expected to grow its talent footprint and deepen its support for enterprise clients navigating increasingly complex technology environments.
The acquisition underscores continued private equity interest in AI-enabled services firms, particularly those leveraging nearshore delivery models and proprietary platforms to drive efficiency and scalability.
KEY QUOTE:
“CodeRoad represents an exciting opportunity to invest in a fast-growing business that is well positioned to deliver solutions to technology leaders through technical resources and agentic AI solutions. As a recent carve-out, the transaction is a great fit with Etna’s investment focus and we believe it will benefit from our ability to drive transformative growth.”
Pete Leibman, CEO of Etna Capital
“CodeRoad is thrilled to join forces with Etna Capital as we accelerate our transition into a solutions-first partner, leveraging our VaaS platform to deliver operational leverage for our enterprise clients. With Etna’s support, we will accelerate growth, expand our talent footprint, and provide even greater support to clients navigating today’s demanding technology landscape.”
Dennis Odishoo, CEO of CodeRoad
“Helping spark the product-minded nearshoring movement with CodeRoad, working alongside some of the most passionate and talented people I’ve ever met, and with visionary customers and product lines, has been one of the great privileges of my career. What we built together proved that LATAM talent brings innovation, product thinking, and real consulting depth to software delivery. Etna understands where this space is rapidly evolving and I couldn’t be more excited about where the new leadership is taking this.”
Gustavo Rivera, Founder of CodeRoad
