Insider Brief
- Swarmer has agreed to acquire Ukrainian unmanned ground vehicle maker Ratel Robotics for up to $224 million, expanding its autonomy software business into battlefield-tested ground systems.
- Ratel has secured $86 million in contracts this year, employs more than 300 people and supplies modular UGVs used for logistics, casualty evacuation, reconnaissance, drone launching and demining.
- Swarmer said Ratel products accounted for about 37% of Ukrainian Ministry of Defense Procurement Agency UGV spending between Jan. 1 and April 18, while the combined company would have nearly 500 employees after closing.
Swarmer has agreed to acquire Ukrainian unmanned ground vehicle maker Ratel Robotics for up to $224 million.
According to Swarmer, the definitive agreement calls for a mix of cash and stock, with the final value dependent on Ratel meeting earnout milestones. Ratel founder and CEO Taras Ostapchuk will remain in his role and report to Swarmer president and U.S. CEO Alex Fink.
The acquisition would expand Swarmer beyond its core autonomy software into unmanned ground systems, or UGVs, which are robotic vehicles designed to operate without a human onboard.
“Ratel is a major provider of UGVs for Ukraine,” Fink said. “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.”
Ratel’s UGVs
Ratel has developed unmanned systems for Ukrainian forces since 2023. Its serial Ratel H and Ratel M vehicles carry NATO stock numbers and meet the AQAP 2110 NATO quality-assurance standard for design, development and production.
“Having served in the armed forces of Ukraine, I understand firsthand the risks soldiers face on the battlefield,” Ostapchuk added. “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.”
Ratel’s modular unmanned ground vehicles are being used for battlefield logistics, casualty evacuation, reconnaissance, drone launching and demining. The company is also developing two unmanned aerial vehicle variants, mobile workshops and solar-powered trailers.
Swarmer reported that Ratel has secured $86 million in contracts this year and is in discussions with several NATO countries through the Build With Ukraine initiative. The Ukrainian company employs more than 300 people, who are expected to join Swarmer after the transaction closes, bringing the combined workforce to nearly 500.
Swarmer noted that Ratel products accounted for about 37% of the 11 billion Ukrainian hryvnia, or about $246.9 million, spent by the Ukrainian Ministry of Defense Procurement Agency on UGV contracts between Jan. 1 and April 18 this year.
Swarmer
Swarmer develops software designed to let a single operator coordinate large numbers of autonomous systems across different hardware platforms. The company said its technology has supported more than 100,000 combat missions in Ukraine since first being deployed there in April 2024.
The Austin, Texas-based company does not manufacture drones itself. Instead, its software handles autonomy, coordination and decision-making across different unmanned systems. Swarmer said combining that software with Ratel’s ground vehicles could create platforms capable of carrying or launching drones, interceptors and other unmanned systems while connecting ground and aerial operations.
“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,” Swarmer chairman of the board Erik Prince said in the announcement. “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.”
The transaction remains subject to customary closing conditions and required legal, regulatory and shareholder approvals.
