Leidos and Analogic launch U.S. joint venture to boost global security screening

Leidos and investment firm Altaris have formed a joint venture to combine Leidos’ Security Enterprise Solutions (SES) business with Altaris-owned Analogic, creating a U.S.-based company with global operations focused on security screening for airports, borders and critical infrastructure.

The new enterprise brings together complementary detection technologies, manufacturing capabilities and engineering expertise, with the goal of accelerating product innovation and improving efficiency across research and development, production and operations. The partnership also aims to speed the shift to AI-native and 3D imaging technologies to deliver more effective screening.

“Our unified joint venture represents a focused step to strengthen U.S. capabilities in security detection at a time when global travel and trade continue to grow,” said Leidos Chief Executive Officer Tom Bell. “Combining SES with Analogic will position the new company to promote investment in innovation, deliver more efficient solutions for the U.S. government and ensure that the world’s advanced security technology is designed and engineered from the United States.”

“Today marks an important milestone for our company and for the security industry. By combining two highly complementary organizations, we are creating a stronger, more capable company with the expertise and breadth of solutions to better meet evolving customer needs worldwide,” said Analogic Chief Executive Officer Tom Ripp.

As part of the transaction, Leidos will contribute about 1,500 employees and a business representing $625 million in projected 2026 revenue. The privately held company will operate under the Analogic brand, and Leidos will retain significant minority ownership. The structure is intended to sharpen the new company’s focus on growth in the global detection and imaging market, while allowing Leidos to continue investing in core priorities outlined in its NorthStar 2030 strategy.

Closing is anticipated in the second half of 2026, subject to customary conditions, including regulatory approvals.

Leidos engaged PJT Partners as financial advisor, Fried, Frank, Harris, Shriver & Jacobson LLP and DLA Piper as legal advisors, and KPMG as accounting advisor. Analogic was advised by Kirkland & Ellis LLP and Hinckley Allen & Snyder LLP on legal matters, with Ernst & Young LLP serving as accounting advisor.

Analogic, based in Salem, New Hampshire, provides imaging, detection and power technology solutions for aviation security, healthcare and other high-end industrial markets. Altaris is an investment firm focused on building companies in the healthcare industry and manages more than $9 billion of equity capital.