When Point Duty’s international projects delayed due to COVID-19, we provided working capital support to manage their business costs and retain their staff.
Point Duty is a software development business specialising in intelligence analytics. Since 2004, the Queensland-based business has helped global governments, agencies and enterprises find and make sense of data. The business offers intelligence and data solutions to help identify threats such as child exploitation, fraud, terrorism and more.
Point Duty has subsidiaries in the US, UK and UAE. After COVID-19 closed international borders, some of the business’ existing projects were delayed and staff were relocated back to Australia. Non-Executive Director Gary Morgan explained that this had an immediate impact on their working capital.
“Contract payments were delayed on works in progress, and significant nation state and jurisdictional agency procurement contracts were held back in the US, Europe and the Middle East,” he said. “Jurisdictional issues meant our bank couldn’t help with finance for the project delays.”