Pros
Vertically integrated with great access to technologies for organically developing new products. Some really best in class technical talent/SMEs. Well staffed teams. Strong internal systems.
Cons
Bloated middle management culture... not enough people actually working on things, Everyone wants to manage something as its the only clearly define growth path in the company. The career of technical staff is at the mercy of how well their direct manager advocates for them. Pay is 10%-20% below industry for the same role/title. Excessively risk averse. Even though they have the technology for organic growth resources are more directed to acquisition than leveraging the technologies and staff they have. Development organize is forced to chop wood on integrations and fix the problems with acquisitions instead of doing real development work. Excessive focus on the competition due to lack of diversified product landscape actually contributing to the bottom line.