Details of today's deal were not disclosed. Mike Hurst will remain CEO of Exactuals. He and the firm’s other executives are being retained with multi-year contracts.
Exactuals' PaymentHub allows music publishers, record labels, distributors, studios, unions, guilds, payroll companies and marketplaces to provide direct deposit payments, tax document management and online reporting to rights holders, performers, managers, service providers and independent contractors across the globe. Firms can process global payments through operating accounts at City National.
The company has has a long term contract with the entertainment industry’s largest union, SAG-AFTRA, and is working to offer direct deposit of residual payments to its 160,000 members.
Exactuals also recently launched RAI, an 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. He and the firm’s other executives are being retained with multi-year contracts.
“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.”
“We are excited to bring our leading technology together with the most trusted bank in entertainment,” Hurst said. “This acquisition builds upon a five-year investment relationship between our two companies. Since 2013, Exactuals and City National have worked together to build revolutionary tools and services for our shared customer base in the entertainment space, and this acquisition will accelerate our mission to transform and modernize the industry for the better. With the combined strength of City."