The account will be managed by Scott Garrett, who joins the agency from the Williams team, where he worked as head of marketing. Garrett is a former Heinz UK marketing chief.
Synergy will now be responsible for all aspects of Philips' F1 sponsorship, which includes strategy development, hospitality and public relations.
Philips' commitment to the Williams team comes as a timely boost. Last week the team learned that its long-term partner Royal Bank of Scotland would not be renewing its tie-up following a review of its sponsorship properties.