Swarmer, a Nasdaq-listed defense technology company based in Austin, Texas, has agreed to acquire Ukrainian unmanned ground-vehicle maker Ratel Robotics for cash and stock worth up to $224 million if earnout milestones are met. The transaction remains subject to customary closing conditions and any required legal, regulatory and shareholder approvals. Ratel has secured $86 million in contracts this year and is in discussions with multiple NATO nations under the Build With Ukraine initiative. Its modular vehicles support battlefield logistics, casualty evacuation, reconnaissance, drone launching and demining, while the company is developing aerial vehicles, mobile workshops and solar-powered trailers. More than 300 Ratel employees are expected to join Swarmer, bringing the combined workforce to nearly 500. Swarmer says its autonomy software has supported more than 100,000 combat missions in Ukraine since April 2024.