City National Bank has acquired Exactuals, a Los Angeles-based provider of innovative SaaS solutions for complex payments in the entertainment industry.
Exactuals’ innovative payment system, PaymentHub, allows studios, unions, guilds, payroll companies, music publishers, record labels, and others to provide direct deposit payments, tax document management and online reporting to rights holders, performers, managers, service providers and independent contractors across the globe. Exactuals’ system provides payments and reporting functions with greater security, accuracy, transparency and speed, and firms can process global payments through operating accounts at City National.
In addition to PaymentHub, Exactuals recently launched RAI, a sophisticated artificial intelligence tool used by record labels and publishers to optimize ownership metadata for the calculation and payment of royalties.
Mike Hurst will remain CEO of Exactuals, and he and the firm’s other executives are being retained with multi-year contracts. The payments firm will continue to modernize the residuals and royalty payment process for the entertainment industry, and over time, it plans to expand to serve other businesses as a wholly owned subsidiary of City National Bank.
“Exactuals has developed a groundbreaking and unique payments and reporting platform that enhances security and reliability,” said City National Bank Chairman and CEO Russell Goldsmith. “City National has been a minority investor in Exactuals for several years, and the two companies have formed a strong partnership. Mike and his team are highly skilled, and we’re very pleased that they will be joining City National. This acquisition builds on City National’s history of serving the entertainment industry, and it is the latest example of our commitment to provide clients with premier service and state-of-the-art payments systems. We look forward to helping Exactuals as the firm continues to grow.”
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