Etna Capital Acquires CodeRoad, Betting on AI and Nearshore Talent

AUSTIN, TX – March 25, 2026 – In a significant move highlighting the convergence of private equity, artificial intelligence, and global talent strategies, an affiliate of Etna Capital announced today it has completed the acquisition of CodeRoad, Inc. The deal positions the Austin-based private equity firm to capitalize on the booming demand for enterprise AI solutions by backing a company known for its advanced digital engineering and nearshore talent model.

The acquisition brings CodeRoad, a provider of software development and AI solutions, under the wing of a firm that specializes in scaling tech-enabled businesses. For CodeRoad, which recently became an independent entity following a corporate carve-out, the partnership promises the capital and strategic oversight needed to accelerate its growth in a highly competitive market.

Private Equity's Playbook for the AI Frontier

Etna Capital's acquisition of CodeRoad is a calculated bet on the next wave of enterprise technology: agentic AI. Unlike traditional AI models that predict or classify data, agentic AI systems are designed to autonomously execute complex, end-to-end workflows. This technology is rapidly moving from theoretical to practical, with market projections suggesting the enterprise agentic AI sector could surge to over $170 billion by 2034.

This transaction fits squarely into Etna Capital’s established investment strategy, which focuses on corporate carve-outs and founder-owned businesses poised for significant growth. The firm targets companies with strong recurring revenue models and high customer retention, providing hands-on support to optimize operations. CodeRoad, described as a "recent carve-out," presented an ideal opportunity.

"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," said Pete Leibman, CEO of Etna Capital, in the announcement. "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." This hands-on approach is expected to help CodeRoad refine its strategy and expand its market share as demand for sophisticated AI integration intensifies across industries like manufacturing, finance, and transportation.

A New Engine for Digital Transformation

At the heart of CodeRoad's offering is a dual-pronged strategy: a proprietary technology platform combined with an efficient talent delivery model. The company’s "Velocity-as-a-Service" (VaaS) platform acts as a central nervous system for its projects, unifying delivery orchestration, operational intelligence, and AI-augmented engineering frameworks. This system is designed to help enterprise clients build software faster and adapt to market changes more intelligently.

The human element of this engine is CodeRoad's reliance on elite nearshore engineering hubs, primarily located in Latin America. This model allows the company to provide highly skilled technical resources for application development, AI enablement, and cybersecurity at cost-effective rates while maintaining real-time collaboration with its North American clients due to time zone alignment.

Dennis Odishoo, CEO of CodeRoad, emphasized the strategic value of the new partnership. "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," he stated. "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."

This sentiment was echoed by CodeRoad's founder, Gustavo Rivera, who reflected on the company's origins. "What we built together proved that LATAM talent brings innovation, product thinking, and real consulting depth to software delivery," Rivera noted. "Etna understands where this space is rapidly evolving and I couldn't be more excited about where the new leadership is taking this."

The Rise of LATAM as a Global Tech Powerhouse

The acquisition is also a powerful testament to Latin America's emergence as a critical hub for global technology talent. For years, the region has been cultivating a deep pool of skilled software engineers and IT professionals, with its tech talent pool now exceeding two million individuals. Universities across LATAM are producing nearly half a million technology graduates annually, feeding a local software market projected to hit nearly $29 billion by 2029.

Nearshoring to countries like Mexico, Brazil, Colombia, and Argentina offers North American companies distinct advantages over traditional offshore outsourcing. The most significant benefits include a 40-60% reduction in labor costs compared to the U.S., minimal time zone differences that facilitate agile development and seamless communication, and strong cultural affinity. Cities like Mexico City, now home to the largest tech talent pool in the region, and São Paulo have become vibrant ecosystems for innovation.

CodeRoad’s success is built on harnessing this regional prowess. By establishing "elite" engineering hubs, the company has created a model that provides not just cost savings but also access to top-tier, product-minded talent capable of tackling complex challenges like agentic AI implementation. This strategy challenges the old perception of outsourcing as a low-cost commodity service, repositioning it as a partnership for high-value innovation.

Navigating a Crowded and Competitive Landscape

With the backing of Etna Capital, CodeRoad is better equipped to navigate a fiercely competitive environment. The company operates at the intersection of two dynamic markets: enterprise AI services and nearshore software development. In the AI space, it competes with technology giants like Microsoft, SAP, and IBM, which are rolling out their own enterprise-grade agentic AI platforms. Simultaneously, it vies for clients against a growing number of nearshore providers, including established players like BairesDev and Softtek, who also leverage LATAM's talent pool.

CodeRoad's key differentiator lies in the synergy between its specialized focus and delivery model. While large tech firms provide the platform, CodeRoad offers the specialized service and integration expertise. And while many nearshore firms offer general development, CodeRoad has carved out a niche in advanced AI and its proprietary VaaS platform. The investment from Etna Capital will likely fuel further development of its VaaS engine, expansion of its talent hubs, and a more aggressive marketing strategy to capture enterprise clients seeking a strategic partner for their digital transformation journey. This infusion of capital and strategic guidance could be the critical factor that enables CodeRoad to scale effectively and solidify its position as a leader in the AI-driven digital services industry.