Leidos and Altaris Close Deal to Form Analogic Security Screening Joint Venture
Leidos and investment firm Altaris have completed their previously announced transaction to form a scaled U.S.-based joint venture for security screening at airports, borders and critical infrastructure worldwide. The new company will operate under the Analogic brand, and Leidos will keep a significant minority ownership stake.
- Leidos and Altaris completed the transaction to form a U.S.-based security screening joint venture under the Analogic brand.
- The JV combines complementary screening technologies, engineering expertise and advanced manufacturing capabilities.
- Leidos keeps a significant minority ownership stake in the new company.
- Leidos says it will continue its work modernizing airports and air traffic systems.
- Financial terms and an integration timeline were not disclosed in the announcement.
What the deal creates
According to the announcement, the joint venture combines complementary security screening technologies, engineering expertise and advanced manufacturing capabilities. It will operate under the Analogic brand and is described as a scaled U.S.-based company focused on advancing security screening at airports, borders and critical infrastructure around the world.
The release also refers to the business of Leidos Security Enterprise Solutions (SES), which is to be integrated with Analogic within the new company. Leidos says it will retain a significant minority ownership stake, which it says maintains its interests in a critical national security market.
Leidos explains its reasoning
Leidos Chief Executive Officer Tom Bell said in the release: "This JV creates an American innovator with the technology, talent and scale to address rapidly evolving global security screening needs." He added that the launch "sharpens our focus on the growth engines driving our NorthStar 2030 strategy."
Bell also said the combination of the two businesses "reinforces our commitment to the important national security missions and markets we serve."
Leidos stated that, in parallel with the joint venture, it will continue its work across the broader aviation ecosystem. That includes modernizing airports and air traffic systems to help move people safely and efficiently around the world.
The companies involved
Leidos, listed on the NYSE as LDOS, serves government and commercial customers. It is headquartered in Reston, Virginia, has approximately 50,000 global employees and reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026.
Analogic is headquartered in Salem, New Hampshire. The release describes it as a global provider of advanced imaging, detection, automation and power technology solutions, with a portfolio for aviation security, ports and borders, critical infrastructure, healthcare and industrial markets. According to the company description, it combines advanced imaging, artificial intelligence, precision power, automation and lifecycle support capabilities, backed by a global installed base.
Altaris is a New York City-based investment firm that focuses exclusively on acquiring and building healthcare companies. It says it has invested in more than 50 companies since its inception in 2003 and manages $9+ billion of equity capital.
What it means
For Leidos, the transaction shifts its security screening operations into a jointly owned company while it keeps a stake in the market and concentrates on other growth areas tied to its NorthStar 2030 strategy. For customers at airports, borders and critical infrastructure sites, the release points to a larger U.S.-based supplier that brings together two sets of screening technologies and manufacturing capabilities.
The release does not give financial terms, product plans or an integration timeline. It notes that the joint venture's ability to integrate the SES business and Analogic, and to service its indebtedness, are among the factors that could cause actual results to differ from expectations.
