Pros
Very friendly coworkers and approachable immediate managers. Managers are understanding of real world situations. MSDN subscriptions for engineers. Great place for someone that just needs a stable job. Most employees have been their for a long time or their whole career. Very easy to be good at your job. Despite the negatives below its a lot of fun to work there. You sacrifice technical growth for a great work environment. You will overall enjoy working here.
Cons
Decade behind current software practices at best, never knew how to write good software at worst. Better like Waterfall. Every single con that exists with Waterfall exists here. Compensates for its bad software practices by throwing more and more employees at the problem and consistently missing deadlines. Also leans heavily on outsourced lost cost labor that ultimately ends up costing the American engineers more time than it saves. Political climate within management is that Agile is the devil and would lead to catastrophic results. Management has a serious misunderstanding of what Agile is. Anytime the process fails they add additional process. Employees are very knowledgeable but generally only about Teradyne related software. Despite having access to MSDN except tech stack to be 3-5 years out of date for new projects. Worse for existing project. Continuous integration doesn't exist. Engineers don't eat their own dog food, separate QA department that is isolated from the engineers building the project. No pair programming. Source control is a mess. For anyone with exceptional talent this company is at best a stepping stone. Do not stick around long. Only a handful of 3+ year seniority employees pursue software as a passion. Work environment will not keep your skills current. It is common to see senior engineer (10+ years of experience) that can barely do .NET at a mid tier developer level despite the company being a fully Windows shop. If you are great at software this place will hold you back or develop bad habits. Compensation is mediocre to below average. Besides a few critical engineers management has no interest retaining talent.