The headline has two meanings, one says that IT and Cisco have partnered for IoT and other meaning is what the article speaks about. But one thing is almost confirmed that these giants are looking for some great idea from the startups, and since the scope of IoT is very wider multiple companies efforts will make it success.
@Rick: It is really a very nicely written article, none of the things in it are misleading, what I have commented is simply the meanings that first appeared in my thought before reading the article. :)
Its good for the evolution and execution of Iot that many big semiconductor companies are supporting this new techonology. Its just like how electronics industry started and there were many start ups, now there are many startups for IoT.Its going to become commodity soon.