Formula 1 has clinched a new sponsorship deal with Workday, the developer of enterprise cloud applications for finance and human resources, focused on the territories of the UK and Germany.

In addition, the company will have branding at trackside and in the pit lanes for various Grands Prix in Europe this season, starting with the Spanish Grand Prix in Barcelona this weekend.

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Under its new deal, Workday is to serve as the regional finance and HR enterprise partner of Formula 1 in the UK and Germany, two of the sport’s major markets.

The new sponsor will look to engage with the fanbase through social, digital and content platforms throughout the season.

There is likely to be a particular focus on the partnership at the time of the British Grand Prix at Silverstone on 18 July although Germany is not scheduled to host a Formula 1 round in 2021.

Welcoming the new deal, Ben Pincus, director of commercial partnerships at Formula 1, said: “Whilst it’s usually the cars that grab the attention, it’s the people behind the machines that make the sport what it is. Formula 1 is a unique platform for global brands to engage business audiences around human performance, enabled through smart technology.

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“There’s no sport in the world where human decision-making and innovation are more important, and through our partnership with Workday, we’ll bring those values to life.”

Christine Cefalo, chief marketing officer of Workday, added: “At Workday, we believe that agility and the ability to adapt in real time is critical for any organization to succeed in this changing world. Our partnership with F1 underscores the importance of speed in decision-making, not only in the racing world but in business.

“We’re thrilled to come together with such a leading sports brand with a passionate fan base and admirable presence across Europe to jointly tell stories to our communities in new and exciting ways.”