IBM

• Some of the projects can be very interesting as a developer.
• Innovation is very much encouraged.
• Management is quite flexible about tools and processes used for development.

• Competition among people in the same team, no team spirit possible.
• Technical expertise is completely ignored. You'd better be a good talker in front of customers rather than a good developer actually producing something.
• Career is something that's very much talked about, but not much is done regarding technical expertise.

It's not enough to buy other companies. To build good products, you need good developers. Identify and retain them before they leave.