Swarmer to acquire Ukrainian UGV maker Ratel Robotics

Swarmer Inc. Has signed an agreement to acquire Ukrainian uncrewed ground vehicle (UGV) manufacturer Ratel Robotics for up to $224 million. The Austin-based software company stated the deal will merge Ratel's combat-proven robotic platforms with its own autonomy software for swarm operations.

Alex Fink, co-founder, president, and U.S. CEO of Swarmer, called Ratel a major UGV provider for Ukraine. He said combining a battle-tested launch platform with combat-proven autonomy software is key to creating versatile solutions. The acquisition is pending customary approvals.

Ratel's battlefield robotics

Ratel Robotics, based in Kyiv, has supplied UGVs to Ukrainian Defense Forces since 2023. CEO Taras Ostapchuk, a Ukrainian armed forces veteran, said his experience inspired him to create robotic systems for dangerous missions. The company's vehicles perform logistics, casualty evacuation, reconnaissance, de-mining, strike, and drone-launch missions.

Ratel has secured $86 million in contracts this year. The company's products accounted for about 37% of the entire 11 billion UAH ($246.85 million) spent by the Ukrainian Ministry of Defense Procurement Agency on UGVs from January 1 to April 18, 2026. Alex Fink stated these contracts will be unaffected by the acquisition.

Fink noted Ratel's unique position. "They're almost unique in the space because they have no salespeople, no government relations, no lobbying," he said. "All of their sales are essentially driven by the combat units wanting their products because they are secure."

The company is also developing an integrated autonomy ecosystem, including two UAV variants, mobile workshops, and solar-powered trailers. Every serial Ratel H and Ratel M model carries a NATO stock number and an AQAP 2110 certificate, the NATO standard for quality assurance.

Swarmer's swarm technology platform

Founded in 2023, Swarmer specializes in vendor-agnostic software for controlling hundreds of autonomous platforms. The company said its technology was first deployed in combat operations in Ukraine in April 2024. Since then, it has completed over 100,000 combat missions, generating data to refine its machine-learning models.

Fink explained the strategic fit. He said Swarmer was interested in Ratel because it could use UGVs to launch drones, interceptors, and swarm defense systems. "We think that this unlocks the ability to run much larger swarmers in much larger quantities," Fink asserted. "Our software already supports up to 690 drones per swarm."

Erik Prince, Swarmer's chairman, stated the objective is to build a platform company for products tested and proven on the battlefield. "Ratel precisely fits that mission," Prince said. He believes Swarmer can accelerate Ratel's capabilities and scale its reach.

Deal structure and growth plans

The acquisition will be a mix of cash and stock, reaching the $224 million maximum if all earnout milestones are met. Upon closing, Ratel's more than 300 employees are expected to join Swarmer, bringing the combined company to nearly 500 people. Ostapchuk will remain CEO of Ratel as a wholly owned subsidiary, reporting to Fink.

Fink positioned Swarmer as a growth vehicle. "We are potentially a vehicle for companies that have great technology to immediately pair that with a marketing machine, sales teams on three different continents, a compliance apparatus, and a way to raise more funds," he told The Robot Report. He cited access to U.S. Capital markets to provide working capital for rapid growth.

Prince added that the deal would diversify Swarmer's supply chain beyond Ukraine. He acknowledged the company is looking for other defensive and offensive acquisitions. "Ukrainians have figured out how to wage war at an innovative, low-cost way, vastly superior to what the Western defense cartel has been able to do," Prince said. "The job is to convert that knowledge and that cost-effectiveness into a sustainable, profitable, war-winning enterprise."

Fink noted that integration planning for Ratel's UGV and Swarmer's drone swarm technologies cannot begin until the deal is approved. He also observed a sector-wide boom, telling The Robot Report, "Every company in the space that I know of has grown more than 5x this year."