PALO ALTO, Calif. - Broadcom Inc. (NASDAQ: NASDAQ:AVGO) announced today the expansion of its global software distribution efforts through the Accelerate Program, which builds on the company's existing Cybersecurity Aggregator Program. The initiative is designed to enhance service levels for a wider range of Broadcom software products across various regions.
The Accelerate Program aims to provide customers with improved support by leveraging regional distributor partners that will serve as an extension of the Broadcom team. These partners will offer localized technical support in the customer's language and time zone, improve customer experience through accessibility, specialized knowledge, personalized assistance, training, and value-added services.
Broadcom's CA Technologies enterprise software, mainframe software, and Symantec (NASDAQ:GEN) cybersecurity solutions are now included in the program. The distribution is handled by Carahsoft Technology Corp. for public sector mainframe, enterprise software, and Symantec cybersecurity solutions in North America, and TD SYNNEX (NYSE:SNX) for non-public sector Symantec cybersecurity solutions.
In Latin America, TD SYNNEX will distribute the same range of products, excluding Brazil. For Europe, the UK, and emerging markets, Broadcom has partnered with Arrow Electronics (NYSE:ARW) and MBCOM Technologies, respectively.
Cynthia Loyd, vice president of Global Commercial & Partner Sales at Broadcom, stated that the program's goal is to deliver top-tier experiences for customers of all sizes. The company believes that the local expertise and knowledge of Broadcom solutions provided by these distributors will extend their reach and ensure superior service and support throughout the customer journey.
Broadcom also plans to offer the Accelerate Program in the Asia Pacific and Japan regions and intends to include the Carbon Black cybersecurity portfolio soon. The company is committed to increasing investments in training and enablement for distribution partners to maintain the highest level of customer care and support.
The expansion of the Accelerate Program is part of Broadcom's ongoing efforts to enhance profitability and margin opportunities for its distributor and reseller partners, allowing them to differentiate themselves and foster closer relationships with customers.
This announcement is based on a press release statement by Broadcom Inc.
InvestingPro Insights
Broadcom Inc. (NASDAQ: AVGO) continues to demonstrate robust financial health and market presence, as evidenced by key metrics from InvestingPro. The company's market capitalization stands at an impressive $654.41 billion, reflecting its significant scale and influence in the technology sector.
Furthermore, AVGO's commitment to shareholder returns is highlighted by its dividend track record, having raised its dividend for 14 consecutive years, which aligns with the company's strategy of enhancing profitability for partners and investors alike.
InvestingPro data also shows a solid revenue growth of 12.94% over the last twelve months as of Q1 2024, signaling the company's ability to expand its financial base amidst its global software distribution initiatives. The Price to Earnings (P/E) ratio is currently at 51.63, indicating a high valuation that investors are willing to pay for the company's earnings, potentially due to its strong market position and consistent performance.
An InvestingPro Tip worth noting is that analysts predict the company will be profitable this year, which may provide additional confidence to investors and partners in the context of the company's expansion plans. For those seeking comprehensive analysis, InvestingPro offers additional insights, including 15 more InvestingPro Tips for Broadcom, available at: https://www.investing.com/pro/AVGO. To access these valuable tips and more, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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