City National Bank on Monday said it paid an undisclosed amount of money to acquire Exactuals, a royalties and residuals payment company whose clients include SAG-AFTRA and a variety of film, TV and music companies.
City National, a subsidiary of Royal Bank of Canada with $48.8 billion in assets, first invested in Exactuals five years ago and last year led a $10 million funding round for the company, which was founded at the Stanford Graduate School of Business in 2011.
Shortly after the 2017 funding round, Exactuals landed the SAG-AFTRA account, and it is working with the entertainment industry’s largest union to offer its 160,000 members direct deposit of residual payments.
Exactuals is a software-as-a-service company whose primary product is called PaymentHub, which provides payments and reporting functions with a high degree of security and accuracy. It recently launched RAI, an artificial-intelligence tool for record labels and publishers that helps to calculate royalty payments.
City National said Mike Hurst will remain CEO of Exactuals, and he and other top executives are being retained with multiyear contracts.
“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,” said City National chairman and CEO Russell Goldsmith.
Exactuals, headquartered in Los Angeles with an office in Nashville, employs about 40 people.
