Swarmer, Inc. (NASDAQ: SWMR) has reached an agreement to acquire Ratel Robotics, a Ukrainian manufacturer of unmanned ground vehicles, for up to $224 million in cash and stock. The acquisition is contingent upon meeting all earnout milestones.
Ratel Robotics secured contracts totaling $86 million this year. These contracts represent approximately 37% of the 11 billion UAH ($246.85 million) spent by the Ukrainian Ministry of Defense Procurement Agency on unmanned ground vehicle procurement contracts between January 1 and April 18, 2026.
Swarmer, headquartered in Austin, Texas, has supported more than 100,000 combat missions in Ukraine since April 2024. The company operates in Ukraine, Poland, and Estonia.
Ratel Robotics, founded by Taras Ostapchuk, manufactures modular unmanned ground vehicles (UGVs) used for battlefield logistics, casualty evacuations, reconnaissance, drone launching, and demining. The company is also developing two unmanned aerial vehicle (UAV) variants, mobile workshops, and solar-powered trailers. Specific models, Ratel H and Ratel M, carry NATO stock numbers and AQAP 2110 certificates.
Upon closing, Ratel Robotics' more than 300 employees will join Swarmer, bringing the combined company's headcount to nearly 500. Taras Ostapchuk will continue as CEO and report to Alex Fink, President and U.S. CEO of Swarmer.
Erik Prince, Board Chairman of Swarmer, noted that this acquisition marks the first major deal under his tenure. Alex Fink stated that Swarmer believes UGVs can act as a universal launch-platform for UAVs, interceptors, and other unmanned autonomous assets.
