Broadcom acquisition drives best in class solution in India
Published: Feb 2026
Best in Class Treasury Solution in India
Highly Commended Winner
Broadcom Inc.
Photo of Clarissa Ching, Broadcom Inc. and Baris Kalay, Bank of America.
Stacy Wang
Treasury Manager
Broadcom Inc. is a global technology leader providing semiconductor and infrastructure software solutions for data centre, networking, wireless, broadband, storage and industrial markets.
in partnership with
The challenge
In November 2023, Broadcom announced the acquisition of VMware Inc (VMware). Post-merger, Broadcom’s 2024 annual revenue rose to US$51bn (up 42.5%) while revenue for its software division nearly tripled to US$21.5bn. For Broadcom’s treasury team, it had six months to integrate 73 VMware entities in 59 countries, including 13 entities in 13 countries in APAC, into Broadcom’s banking and cash management structure.
The treasury team made a transition plan that outlined its key priorities, as well as responsibilities for different teams to:
Migrate the new VMware entities to its core banking partners in APAC.
Establish system connectivity including ERP, TMS and electronic banking platforms.
Standardise payment processes, liquidity management and automate reporting.
Centralise processes with Broadcom’s global shared service centre (SSC).
Special attention was given to India, a strategic and major growth market for VMware housing more than 5,000 employees, its largest market by presence in APAC.
The solution
As part of the integration, its first and most pressing task, was to bring VMware’s entities in line with Broadcom’s ERP, TMS and other operating systems, align processes to be supported centrally, the Broadcom way. New INR and USD accounts were established to support its operations in five cities (Bangalore, Chennai, Delhi, Pune and Mumbai). Each INR account supports the full end-to-end operating requirements of VMware in the specific location including vendor payments, payroll and employee reimbursement with clear segregation of control.
Additionally, INR domestic cash concentration was set up to allow centralisation of funds for accounts across the various locations, with automated time deposits solution implemented to improve yields and reporting. By implementing the XML file format for payment standardisation and reporting, this helped to improve account reconciliation and with it, the visibility and control for Broadcom’s treasury team.
In parallel, it began migrating processes including accounts payable, payroll and employee reimbursements to Broadcom’s global SSC in Penang, Malaysia for economies of scale. This was essential in helping free up resources and improve operating efficiency. Working with Bank of America, Broadcom also leveraged the online cross-border payment solution, CashPro India Documentation System (INDOCS), that enables it to submit and auto-generate supporting documents electronically for timely processing of transactions, via the online electronic banking platform. This yielded significant efficiency especially given the increase in A2 non-trade payment volume of close to 50%. Similarly for tax payments, Broadcom was able to leverage BofA online tax payment portal to digitise transmission of bill information, eliminating paper slips requirements.
In less than six months, Broadcom’s treasury team had successfully replaced legacy processes and banking arrangements for VMware in India, a highly complex market in line with its globally consistent operating model that is fit-for-purpose.
“Winning an Adam Smith Award Asia is a great honour for our finance team. It recognises our collaboration, innovation and commitment to excellence, and celebrates the teamwork and flawless execution that drive our success – made possible through the strong support of our banking partners.”
Stacy Wang, Treasury Manager
Best practice and innovation
The process of integrating VMware into Broadcom is a solid demonstration of a best in class M&A playbook, encompassing fully-fledged process migration, system integration and alignment across teams and platforms. Leveraging technology and its banking partners, Broadcom was able to integrate VMware into Broadcom’s banking and cash management structure. In India – a strategic market for VMware – transition was completed within six months where Broadcom implemented several local solutions to comply with local regulations and achieve optimal results.
Key benefits
Cost savings.
Headcount savings.
Process efficiencies.
Return on investment.
Increased automation.
Improved visibility.
Number of banking partners/bank accounts reduced.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
Broadcom has been through many acquisitions over the past decades, but the acquisition of VMWare is its largest, most complex and significant deal by far. This deal, as reported by S&P, is the third largest tech transaction in recent decades. There was huge amount of scrutiny and once that had been closed out, it was time for the various departments, including treasury, to integrate and unify the two powerhouses.
Broadcom’s treasury team knew they had their work cut out for them. They had just six months to integrate 73 VMware entities in 59 countries into Broadcom’s banking and cash management structure by early May, with India being a key market.
Geetika Vats
Head of India Corporate Sales for Global Payments Solutions, Bank of America
Broadcom’s integration of VMware showcases a best in class M&A strategy, involving process migration and system integration. In India, it partnered with Bank of America to implement INR and USD accounts, domestic cash concentration and automated time deposits. XML formats were adopted for payment and reporting standardisation. Processes like payroll, reimbursement and accounts payable – including cross-border payments – were migrated to Broadcom’s shared service center in Malaysia, boosting efficiency. Within three months, Broadcom aligned VMware’s banking and operational processes in India with its globally consistent model, leading to improved decision-making, increased automation, cash optimisation, cost savings and streamlined processes.
in partnership with
The Adam Smith Awards Asia are the industry benchmark for best practice and innovation in corporate treasury. To find out more please visit treasurytoday.com/adam-smith-awards-asia
