Cognizant is stepping down as title sponsor of Aston Martin at the end of this Formula 1 season, but will remain on the British team's extensive sponsor portfolio but to a lesser degree.
SportBusiness reports: "Currently, the outfit is known as the Aston Martin Aramco Cognizant Formula 1 team. State-owned Saudi Arabian oil giant Aramco is currently co-title sponsor in a deal which began ahead of the 2022 season.
"It is understood that the team is still evaluating its options in regard to title sponsorship and will confirm its new team name in early 2024. One of the options under consideration is understood to be Aramco taking on the title sponsor rights on a standalone basis.
"Despite Cognizant moving away from the title sponsor role, its renewal with the team is understood to be over the long term and will see its services integrated further within the Aston Martin F1 eco-system. The team indicated that the removal of the title sponsorship was driven by initial brand awareness objectives of the sponsorship having been achieved," adds the report.
An Aston Martin F1 Team spokesperson, told SportBusiness: “This was always planned as phase two of that relationship – after achieving global brand awareness, Cognizant are deepening their partnership with us, they are applying their digital transformation to our business – both on and off the racetrack – and we are now building a deeper, broader relationship with them.”
Cognizant CEO Ravi Kumar said of the deal with Aston Martin: “Our relationship with AMF1 Team is a window into the expertise and capabilities we can provide as a major technology brand.
“No business operates at the cutting edge of performance and technology like a Formula One team, so getting the opportunity to come in, analyse AMF1 Team’s business needs and devise a series of solutions that not only improve performance but also maximise efficiencies demonstrates just what Cognizant can do for any business," added Kumar.
On the Aston Martin website, they describe their partner: Cognizant (Nasdaq-100: CTSH) is one of the world's leading professional services companies, transforming clients' business, operating, and technology models for the digital era.
Its unique industry-based, consultative approach helps clients envision, build, and run more innovative and efficient businesses. Headquartered in the U.S., Cognizant is ranked 185 on the Fortune 500 and is consistently listed among the most admired companies in the world.
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