Pros
Flexible hours, good benefit package. Most engineers are competent and always willing to help. If you are a junior engineer, it is a place to work and learn. For those who are talented and experienced, you will succeed only if you know how to work the process (unfortunately political).
Cons
Lack of vision at senior management to go beyond SS7. Revenue is in constant decline and management is only concerned about benefiting themselves with retention bonus, restricted stock options and bonus that is not tied to the bottom line. There is a constant reshuffling of the same people in the senior management and can be classified at best as a role model for "how to be an incompetent VP". None of these people (VPs) will ever get a job somewhere else with this high salaries. Ulticom is in dire need for new blood and needs to replace their management to grow their business. It has $80 million cash and don't know what to do with it. It is highly likely that Comverse (parent company) will run this company to the ground or sell in pieces.