Analogic Corporation ("Analogic"), Altaris, LLC, and Leidos, Inc. (NYSE: LDOS) today announced the completion of the previously announced transaction combining Analogic with Leidos' Security Enterprise Solutions, Ports & Borders and Industrial Automation businesses ("SES"). The combined company will operate under the Analogic brand as a privately held company headquartered in Salem, New Hampshire and led by Analogic Chief Executive Officer Tom Ripp.

“Today is an exciting milestone for Analogic, SES, our customers, and our teams around the world,” said Mr. Ripp. “By bringing together two highly complementary organizations, we are creating a stronger, more focused global security imaging and detection company with broader capabilities, deeper customer relationships, expanded reach, and greater opportunity to innovate and grow. Together, we are better positioned to support customers across the full lifecycle of security screening and detection, from innovation and engineering through deployment, service, and long-term support.”

The close marks the launch of a combined company focused on delivering mission-critical security imaging and detection solutions for airports, ports, borders, critical infrastructure, and other high-consequence environments. The new Analogic brings together proven technologies, advanced imaging expertise, global customer relationships, manufacturing capabilities, and lifecycle service and support experience.

The combination strengthens Analogic’s ability to serve customers as global travel, trade, and security requirements continue to evolve. Customers will benefit from a broader product and service portfolio, deeper domain expertise, and a more integrated partner focused on performance, reliability, innovation, and long-term support.

About Analogic

Analogic, headquartered in Salem, New Hampshire, is a global provider of advanced imaging, detection, automation, and power technology solutions. The company designs, develops, manufactures, and supports a comprehensive portfolio of solutions for aviation security, ports and borders, critical infrastructure, healthcare, and industrial markets worldwide. Backed by decades of innovation and a global installed base, Analogic combines advanced imaging, artificial intelligence, precision power, automation, and lifecycle support capabilities to help customers meet evolving operational and regulatory requirements. For more information, visit www.analogic.com.

About Leidos

Leidos is an industry and technology leader serving government and commercial customers with smarter, more efficient digital and mission innovations. Headquartered in Reston, Virginia, with approximately 50,000 global employees, Leidos reported annual revenues of approximately $17.2 billion for the fiscal year ended January 2, 2026. For more information, visit www.leidos.com.

About Altaris

Altaris is an investment firm with an exclusive focus on acquiring and building companies in the healthcare industry. Since its inception in 2003, Altaris has invested in more than 50 companies across a range of healthcare subsectors, with a consistent goal of delivering value to the healthcare system and generating attractive financial returns for investors. Altaris is headquartered in New York City and manages $10 billion of equity capital. For more information, visit www.altariscap.com.

Advisors

Kirkland & Ellis LLP and Hinckley Allen & Snyder LLP acted as legal advisors to Analogic, along with Ernst & Young LLP as accounting advisor. Leidos retained PJT Partners as financial advisor, Fried, Frank, Harris, Shriver & Jacobson LLP and DLA Piper as legal advisors and KPMG as accounting advisor in connection with the transaction.

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