Akin Gump Strauss Hauer & Feld’s data analytics platform OverRuled has acquired US-based sanctions research system TURBOFAC to create a “one-stop-shop” for sanctions professionals globally.
The acquisition by the subscription-based company will provide users with a greater depth of regulatory information by integrating TURBOFAC’s unpublished guidance documents and specific licenses issued by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), according to a statement.
Akin international trade partners and co-founders Mahmoud Fadlallah and Kim Myers launched the tool in mid-2022, in the months after Russia invaded Ukraine and demand proliferated among legal and compliance professionals to understand the growing number of sanctions imposed against the state, as well as export and trade requirements.
OverRuled enables users to run targeted searches on collections of enforcement actions and published agency guidance; predict potential regulatory penalties; and keep up-to-date with the latest regulatory developments. In addition to Russia, it has a China trade controls resource center, providing a repository of sanctions and export controls since the US’ 2019 designation of Huawei on the Entity List.
Commenting on the acquisition, Fadlallah, who is partner-in-charge of the Dubai office, said: “We are very excited to bring the power of a combined AI-enhanced tool to a broader audience and make it the market standard for any sanctions practitioner.”
OverRuled had subscribed to TURBOFAC for years, serving as a complementary resource, he said, adding: “Together, they have really leveled-up our sanctions practice.”
Continuing, Fadlallah told Law Middle East:
“In the coming months, the OverRuled team will be working to combine the best of both legacy platforms—from OverRuled’s AI-enabled predictive penalty calculator to TURBOFAC’s invaluable repository of unpublished determinations—to bring-to-market a compelling consolidated offering essential for any sanctions practitioner.”
As part of the deal, Brian Gatta, founder and director of the company that operates TURBOFAC, will join the OverRuled team as co-founder and Akin as senior counsel.
Gatta added: “With the integration of TURBOFAC, OverRuled becomes the only player in the market of sanctions guidance research solutions.”
