Virtually anything with RS232 on it has a processor in it somewhere.
If you say more about what these sensors are and what you are trying to do then maybe the advice will be better.
I'm clueless about this as well except for the fact that this is some kind of an IMU. As i mentioned earlier someone had called us to check if arduino can do this( we got listed on the site as a distributor) and i suggested the person to post it here on the forum however my curiosity got the better of me and i posted it.