Cognizant deal done; why it's investing millions into former Honda Classic during chaotic time in golf
Cognizant is an IT and consulting company that helps businesses modernize technology. Its associates devoted 150,000 hours teaching business, software and technology skills in 2022.
When the opportunity arose to attach its name to the biggest sporting event in Palm Beach County and one of the biggest in South Florida, Cognizant saw it as a natural fit.
"The amount of senior leaders across the United States that have a second home or, in a lot of cases, moved to the Palm Beaches area was pretty spectacular," Gaurav Chand, Cognizant's chief marketing officer, told The Palm Beach Post.
"This is our sweet spot of clients ... the group we are targeting. So hosting a tournament in that area, in a time frame where most people make that part of the country their winter home, is incredibly advantageous for a company like ours."
Cognizant signed a six-year deal Monday night as the new title sponsor of the tournament known as the Honda Classic for more than four decades.
As the Palm Beach Post previously reported, the tournament is renamed the Cognizant Classic.
As a global partner of the Presidents Cup and a title partner of the LPGA Tour’s Founders Cup, Cognizant has experience in the golf sponsorship business. But one thing that makes this investment attractive is its name being at the top of the billboard.
"The Presidents Cup, you're not a title sponsor, per se," Chand said. "So you don't get your name as part of the economy, right? So the fact that you get your name as part of the tournament takes awareness to a different level altogether. That's a huge advantage.
"We work with a ton of the Fortune 500 companies, a lot of them have either headquartered or locations in the West Palm Beach area. So we're taking a huge angle around getting the business community also very closely involved with the tournament."
With a small window prior to the 2024 event, scheduled for Feb. 29-March 3 at PGA National in Palm Beach Gardens, Cognizant immediately will start its advertising blitz.
More: The interim executive director of the former Honda Classic is part of a famous auto racing family
Cognizant is headquartered in Teaneck, New Jersey, and has 66 offices and retail locations throughout the U.S., including Tampa. The company was not dissuaded by the tumultuous landscape of the sport caused by the uncertainty of the PGA Tour's deal with Saudi Arabia's Public Investment Fund, which finances LIV Golf, and the fallout of Jon Rahm leaving the tour to sign with LIV.
Instead, it chose to look at the success of the Honda Classic in its heyday and the growth that has occurred in recent years in areas like charitable donations, attendance and buildout, even with underwhelming fields.
Charitable component important to Cognizant
Cognizant has awarded approximately $65 million to philanthropical causes in North America, Australia and Europe since 2018; and $23.5 million in grants and gifts last year to 115 organizations around the world.
The final Honda Classic distributed a record $7.2 million to more than 100 South Florida philanthropic organizations, and nearly $70 million in charitable contributions during American Honda’s time as title sponsor.
The Nicklaus Children's Health Care Foundation will remain the primary charitable beneficiary of the tournament, which it has been since 2007.
"When community comes together, there's a massive charitable component around it," Chand said. "You're doing something that's more than just a golf tournament, more than a bunch of professionals playing the sport of golf. You're truly benefiting society and you're having a long lasting impact, which is core to Cognizant's DNA."
Chand is confident adjustments made in the PGA Tour schedule, including adding a week between the end of the West Coast Swing and the Cognizant Classic, which kicks off the Florida Swing, will help improve the field.
The 2023 event, won by Chris Kirk in a playoff over Delray Beach's Eric Cole, included just four of the top 30 golfers in the world rankings, its fewest in at least a decade; and none in the top 10 entered for the third consecutive year.
"We believe the timing is a lot more conducive, and the tour is putting a lot of its strength behind talking to the players and getting them involved in playing this tournament," Chand said.
"If you look at the number of PGA players that live around the area, there's no reason why this should not be one of the top tournaments on the tour. And that's exactly the conversations we've been having with the tour. How do we take this to that next level, and get those pros more interested and excited about playing?"
This article originally appeared on Palm Beach Post: Cognizant takes over Honda Classic during uncertain times for PGA Tour
