Williams has won the prestigious Business of the Year Award at the Motorsport Industry Association Business Excellence Awards.
The awards took place at Birmingham's NEC Arena last week during the annual MIA dinner and recognise excellence at all levels within the motorsport and high performance engineering industry.
The judging panel consists of industry and MIA members who are invited to vote in each of the seven categories, with Williams taken the honour after year that saw it enjoy success both on and off-track.
"Our diversification strategy into new markets is ambitious in its scope and 2012 has seen our technology transfer from Formula One gain excellent momentum,” Williams CEO Alex Burns said. “We're focusing our attention on Formula One based technology that can make a real societal benefit and it's fantastic that the judges recognised this.
“This award is particularly gratifying as it shows peer and industry recognition and on behalf of everyone at Williams I would like to thank the MIA for their continued support."
Chris Aylett, CEO of the MIA, said the way in which Williams had diversified had been key to its ongoing success.
"Williams F1's race heritage is beyond question, with 114 victories in Formula One,” he said. “But things have evolved over the past few years, with Williams Hybrid Power supplying the first hybrid car to win Le Mans in 2012, and Williams Advanced Engineering widening technology supplies into many sectors. With a Technology Centre in Qatar, and a leading Conference Centre, this MIA member is a vibrant company going places fast and one of the few Formula One teams to successfully diversify.”