Leidos Holdings and Analogic Corporation announced a definitive agreement to create a new security imaging joint venture that will combine Leidos’ Security Enterprise Solutions, Ports & Borders, and Industrial Automation businesses with Analogic’s imaging and detection assets. The new company will operate under the Analogic brand, while Leidos will retain a 41.5% minority ownership stake.
The transaction is expected to close in the second half of 2026, subject to customary closing conditions and regulatory approvals. Leidos will contribute roughly 1,500 employees and $625 million in projected 2026 revenue to the joint venture, while its own fiscal‑year 2026 revenue of about $17.2 billion underscores the relative size of the divestiture. Analogic, owned by Altaris Capital Partners, will bring its long‑standing expertise in CT and other imaging technologies to the partnership.
Strategically, the deal aligns with Leidos’ NorthStar 2030 growth pillars—space and maritime, energy infrastructure, digital modernization and cyber, mission software, and managed health services—by allowing the company to streamline its portfolio and focus resources on those high‑growth areas. For Analogic, the partnership expands its product portfolio and sales channels, positioning the combined entity to accelerate the development of AI‑native and 3D imaging solutions and to improve research and development efficiencies across the global security detection market.
Tom Bell, Leidos CEO, said, "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. 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."
Tom Ripp, Analogic CEO, added, "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. This transaction expands our product portfolio and sales channels, enabling us to support global customers across the full lifecycle of security screening. Customers will benefit from simplified engagement, deeper domain expertise, and solutions that are better aligned with their operational and regulatory requirements."
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