"There are plenty of markets beyond smartphones and tablets, especially in wearables and the Internet of Things,"
I am sure they did their proper market research, however this sentence sounds fairly ridiculous. A lot of the things that are known as "wearables" are currently being absorbed into "smartphones". There is really no reason to assume these have generally distinguishable requirements.
And IoT is many things and nothing. Certainly an interesting thing to explore from the business side, but not a market yet.
@Phononscattering I hear you... on buzzwords(!), perhaps Fairchild has a vision for I-o-T and wearables that is not completely disclosed in the article. I do believe there is plenty to be done in low power sensor applications and the value add is in algorithms and software as rightly noted by Mr. Ullal. Further, I do not know if this was the game plan of Xsens before the acquisition. Now that it is part of Fairchild, I assume there is a vision for what Mr. Ullal described that may become apparent in the coming days at Fairchild.