Swarmer has entered into a definitive agreement to acquire Ratel Robotics for up to $224 million in cash and stock, expanding the defense technology company’s autonomy platform with a portfolio of combat-deployed unmanned ground vehicles.
The maximum consideration depends on the achievement of earnout milestones. Closing remains subject to customary conditions and any required legal, regulatory and shareholder approvals.
The transaction represents Swarmer’s first major acquisition under Chairman Erik Prince and brings together Swarmer’s autonomous coordination software with Ratel’s physical unmanned systems.
Swarmer’s software enables a single operator to control large numbers of autonomous platforms and has supported more than 100,000 real-world combat missions in Ukraine since April 2024.
Ratel manufactures modular unmanned ground vehicles used for battlefield logistics, casualty evacuation, reconnaissance, drone launching, engineering, demining and strike missions. The company is also developing two unmanned aerial vehicle variants, mobile workshops and solar-powered trailers.
Ratel has secured $86 million of contracts during 2026 and is in contract discussions with several NATO countries through the Build With Ukraine initiative.
Its products accounted for approximately 37% of the 11 billion Ukrainian hryvnia, or $246.85 million, spent by the Ukrainian Ministry of Defense Procurement Agency on UGV procurement contracts from January 1 through April 18, 2026.
More than 300 Ratel employees are expected to join Swarmer, increasing the pro forma company’s workforce to nearly 500 people.
Ratel founder and CEO Taras Ostapchuk will continue leading Ratel Robotics and report directly to Swarmer President and U.S. CEO Alex Fink.
Swarmer sees unmanned ground vehicles as potential universal launch platforms for drones, interceptors and other autonomous assets. Combining Ratel’s physical systems with Swarmer’s autonomy software is intended to create a more integrated platform spanning ground and aerial systems.
Ratel has developed unmanned systems for Ukrainian Defense Forces since 2023. Its serial Ratel H and Ratel M models carry NATO stock numbers and an AQAP 2110 certificate, a NATO quality assurance standard covering design, development and production.
KEY QUOTES:
“Ratel is a major provider of UGVs for Ukraine,” said Alex Fink, President and U.S. CEO of Swarmer. “We believe that UGVs can act as a universal launch-platform for UAVs, interceptors and other unmanned autonomous assets. Combining a battle-tested launch platform with our combat-proven autonomy software is the key to creating versatile, interoperable solutions. We are excited to have Taras Ostapchuk and his team at Ratel Robotics be the first to join Swarmer and grow our business in Ukraine and beyond.”
Alex Fink, President and U.S. CEO of Swarmer
“Having served in the armed forces of Ukraine, I understand firsthand the risks soldiers face on the battlefield,” Ostapchuk said. “That experience inspired me to create robotic systems capable of taking on the most dangerous missions and protecting human lives. Together with Swarmer, we plan to combine ground capabilities and aerial capabilities with increasing levels of autonomy. This is the next stage in the evolution of modern warfare – putting fewer people in harm’s way and having more unmanned assets take on the risk.”
Taras Ostapchuk, Founder and CEO of Ratel Robotics
“In my recent letter to shareholders, I stated our objective to build a platform company for products that have been tested on the battlefield and proven effective under the most demanding operational conditions,” said Erik Prince, Swarmer’s chairman of the board. “Ratel precisely fits that mission. I believe Swarmer can accelerate its capabilities, scale its reach and integrate it with other proven technologies. Our objective is straightforward: assemble the best systems that have been forged in combat into one decisive, integrated solution.”
Erik Prince, Chairman of the Board of Swarmer
