Williams has won the Business of the Year Award at the Motorsport Industry Association (MIA) Business Excellence Awards.

The awards, often described as the 'Oscars' of the motorsport industry, took place at Birmingham's NEC Arena last week during the annual MIA dinner.

First presented in 1995, the MIA Business Excellence Awards recognise excellence at all levels within the motorsport and high performance engineering industry. It is the only awards of its kind within the industry and the judging panel consists of industry and MIA members who are invited to vote in each of the seven categories.

2012 was a noteworthy year for Williams both on and off the track. The F1 Team returned to winning ways, with victory at the Spanish Grand Prix for driver Pastor Maldonado, while Williams Advanced Engineering, the division of Williams that adapts Formula One based innovations for commercial applications, has seen its technologies introduced into a number of high profile applications in the fields of energy efficiency, road safety and education.

Notable successes include a partnership with Go-Ahead Group to hybridise a number of London buses and success at the Le Mans 24 Hours with the victorious Audi R18 e-tron quattro using a Williams Hybrid Power flywheel. Williams Advanced Engineering's Qatar Technology Centre launched a new range of road safety simulators to help reduce road traffic deaths in Qatar.

"Williams F1's race heritage is beyond question," said Chris Aylett, CEO of the MIA, "with 114 victories in Formula One. 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."

''Our diversification strategy into new markets is ambitious in its scope and 2012 has seen our technology transfer from Formula One gain excellent momentum," added Williams CEO Alex Burns. "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.''