Point Duty
Point Duty is a software development business specialising in intelligence analytics. The business work with sectors such as defence, government, law enforcement, and public safety.
Need
Due to COVID-19, some of its existing projects have been delayed, impacting buyer payments. Point Duty needed additional cash flow and approached Export Finance Australia.
Solution
Our loan provided working capital to support contracts for the New York Police Department and Qatar Government.
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.”
Export Finance Australia has allowed us to continue operations as a major solutions provider to the intelligence analytics community through COVID-19.
Gary Morgan
Non-Executive Director, Point Duty
Successfully navigating unchartered waters
Gary found out about Export Finance Australia through our social media channels and approached us for support. Our Queensland Business Development Director Adam Pearce worked with Point Duty to identify the right finance solution for their need.
“The process was made easy by having Adam as a partner manager,” said Gary. “He understood what we were doing, and he thought the COVID-19 Export Capital Facility would be the right loan for us – as it has proved to be.”
With a finance solution in place, Point Duty has been able to manage its business costs, take care of its staff and get ready to be back on site in the Middle East later this year when its contracts resume.
Managing Director Stan Kaine said that without Export Finance Australia, sourcing finance for its COVID-19-impacted projects across the world would have been difficult and extremely expensive.
“You can have the best plans in place for managing your business risk globally, but when the pandemic hit, we were in unchartered waters,” he said.