ETNA CAPITAL AFFILIATE ACQUIRES CODEROAD

AUSTIN, Texas, March 25, 2026 /PRNewswire/ -- An affiliate of Etna Capital ("Etna"), a leading middle market private equity firm, announced today that it has completed the acquisition of CodeRoad, Inc. ("CodeRoad" or "the Company"), a leading provider of digital engineering, software development and AI solutions to enterprise customers in North America.

CodeRoad helps businesses stay on the cutting edge of AI. The Company enables clients to unlock immediate scale and accelerate growth by delivering elite nearshore engineering talent, production-ready AI and proven digital transformation expertise. Leveraging its proprietary Velocity-as-a-Service ("VaaS") platform, CodeRoad unifies delivery orchestration, operational intelligence, and AI-augmented engineering frameworks to help organizations build faster and adapt smarter. From manufacturing and financial services to transportation and enterprise software, leading companies trust CodeRoad to scale innovation and drive digital transformation. As a strategic AI partner to enterprise technology leaders, CodeRoad leverages its highly skilled technical resources to design and build agentic AI solutions that execute end-to-end workflows, deliver innovative features to end users and reduce dependency on internal overhead.

Pete Leibman, CEO of Etna Capital, said, "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."

Dennis Odishoo, CEO of CodeRoad, added, "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."

Gustavo Rivera, Founder of CodeRoad, noted, "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."

ABOUT CODEROAD

CodeRoad is an AI-first technology partner that accelerates enterprise innovation through its proprietary VaaS platform and elite nearshore engineering hubs. By leveraging its VaaS engine, CodeRoad delivers expert application development, AI enablement, cybersecurity, data visualization & analytics and IT support services to its clients across a broad range of industry sectors. As a strategic partner to enterprise technology leaders, CodeRoad leverages its nearshore talent model to help its clients unlock growth and scale at cost effective rates. Learn more at: www.coderoad.com.

ABOUT ETNA CAPITAL

Etna Capital is an Austin, TX based private equity firm investing in enterprise software, IT services, tech-enabled and industrial technology businesses with strong competitive positions, recurring or re-occurring revenue and high customer retention. Etna invests in family- and founder-owned businesses, corporate carve-outs, orphan assets and those poised for breakout growth. Etna delivers transparency to founders and management teams, taking a hands-on, collaborative approach towards value creation, optimizing operations and building enduring businesses. For further information about Etna Capital, please visit www.etnacap.com.

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SOURCE Etna Capital