Forward Industries (NSDQ:FORD) today announced the acquisition of substantially all of the assets of medical device design company Kablooe Design for $1.6 million in cash, equity, assumed debt and contingent earn-outs.

Hauppauge, N.Y.-based Forward Industries is a technology product design company. Kablooe’s clients include Medtronic, Boston Scientific, Coloplast, Atricure, Cega Innovations and Rapid Diagnostek.

“I am delighted and excited with the acquisition of Kablooe Design. Located in one of the heartlands of medical device development hubs, the company is an excellent strategic fit for the Forward Industries Group,” said Forward Industries CEO Terry Wise in a news release. “Kablooe’s reputation, expertise and strong track record in being at the forefront of designing and developing innovative medical products is a perfect complement to the group as a whole and I am extremely confident it will afford cross fertilization opportunities with our subsidiary, Intelligent Product Solutions. Strategically, Forward is well placed to grow and thrive in the future.”

“Forward Industries is an ideal partner for Kablooe because of its strength in medical products and we will continue delivering exceptional product design and development services,” added Kabloee CEO Tom KraMer. “We remain committed to our team and to maintaining our offices in Minneapolis and, strengthened by the Forward Group, look forward to future growth.”

Under the terms of the agreement, KraMer is now an employee of Newco, a new company formed by Ford Industries. More information is available in Forward Industries’ SEC filing.