FilmTrack Sold to City National Bank
The Studio City-based company boasts about 200 clients and employs 60 people.
City National Bank, long known for its ties to the entertainment industry, said Tuesday it has paid an undisclosed amount to acquire FilmTrack, a firm that helps companies determine whether they have the rights to sell or license movies and television shows.
FilmTrack was founded in 1996 and had raised more than $40 million in equity from investors such as Insight Partners. The Studio City-based company boasts about 200 clients and employs 60 people, and City National said it will retain its top executives, including founder and CEO Jason Kassin.
The acquisition follows the 2010 purchase of Datafaction, which offers accounting solutions for entertaiment companies, and the 2018 purchase of Exactuals, a software solution for complex payments.
Kelly Coffey, who was named CEO of City National in February, said the acquisition "will provide our clients with a unique end-to-end solution for payments, reconciliation and premier banking services."
Among FilmTrack's clients are NBCUniversal, AMC Networks, A&E and Voltage Pictures.
City National earned its reputation as "Hollywood's Banker" through decades of service to the industry, perhaps most famously when it quickly raised $240,000 in ransom money for the release of Frank Sinatra's kidnapped son in the 1960s then helped authorities capture the culprits.
"Combine FilmTrack's unique tracking software with Exactual's payment system and City National's banking services and you have a one-click secure solution you can't get anywhere else," Coffey said Tuesday.