Swarmer Agrees to Acquire Ratel Robotics for $224 Million

Swarmer ($SWMR), the Ukrainian-American drone autonomy software company, has entered into an agreement to acquire Ukrainian UGV producer Ratel Robotics in a deal worth up to $224 million in a mix of cash and stock.

It is Swarmer's first acquisition since Erik Prince joined as chair and the company completed its Nasdaq listing in March.

Alex Fink, President and US CEO of Swarmer, stated:

"Ratel is a major provider of UGVs for Ukraine. 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."

Swarmer was founded in 2023 by Fink and Serhii Kupriienko in Ukraine and builds software that enables groups of drones to execute missions autonomously, translating human-defined objectives into coordinated action. The company has flown over 100,000 combat hours in Ukraine and reports more than $15 million in sales backlogs.

Ratel Robotics manufactures a range of UGVs, including the Ratel S one-way attack platform, the Ratel M medium logistics and medevac vehicle, the Ratel H heavy-logistics unit, the Ratel X 6x6 platform, the Ratel Deminer mine-clearing system, and the Nurse TB20 medevac vehicle.

Erik Prince, Chair of Swarmer, stated:

"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. Ratel precisely fits that mission."

Under the terms of the merger, Ratel CEO Taras Ostapchuk will report directly to Fink, and the firm's 300 employees will join Swarmer, bringing total headcount to 500. According to Swarmer, Ratel has secured contracts totaling $86 million this year and is in contract discussions with multiple NATO nations.

Taras Ostapchuk, CEO of Ratel Robotics, stated:

"Having served in the armed forces of Ukraine, I understand first-hand the risks soldiers face on the battlefield. 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."

Per Swarmer, Ratel's products accounted for approximately 37% of the 11 billion UAH ($246.85 million) spent by the Ukrainian Ministry of Defense Procurement Agency on UGV procurement contracts between January 1 and April 18, 2026.