Evaluating only SanctionTrack’s profile at its peak — without knowing the outcome — the model ranked Competition as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Robert Haines, former OFAC compliance officer, founded SanctionTrack in Washington DC.
FUNDING
$11M Series A raised; growth accelerated following February 2022 Russia-Ukraine war sanctions wave.
PRODUCT LAUNCH
Oracle and SAP released native ERP sanctions screening modules, directly competing with SanctionTrack's core product.
SHUTDOWN
Filed Chapter 7 bankruptcy after losing 60% of clients to Oracle/SAP native modules; $11M fully depleted.
Full Analysis
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Documented cause
SanctionTrack, founded in Washington DC in 2020 by former OFAC compliance officer Robert Haines, raised $11M to provide automated supply chain sanctions screening integrated into procurement ERP workflows. Growth was strong in 2021-2022 following Russia sanctions escalation, reaching $3.2M ARR by Q2 2022. However, Oracle and SAP both released native sanctions modules in 2023, directly embedded in their ERP products. SanctionTrack lost 60% of its client base by Q1 2024. Filed Chapter 7 bankruptcy in June 2024.
Lesson
“ERP-adjacent compliance tools face existential risk when platform vendors absorb the use case; require platform lock-in contracts.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
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