City National Bank announced Aug. 13 that it acquired Exactuals, a west side-based company that provides electronic payment hub software for entertainers who collect royalty checks.
The acquisition from downtown-based City National, which is a subsidiary of the Royal Bank of Canada, comes one year after City National Bank was part of a $10 million funding round for Exactuals.
City National declined to give the purchase price for seven-year-old Exactuals. A press release said that City National will continue to grow the company, which employs about 40 workers, and is replete with veterans from the software and entertainment industry.
Exactual’s business model is obtaining contracts for its software delivery service from unions, studios and other entities that pay artists and entertainers. The press release noted that Exactuals has a “long-term contract” with SAG-AFTRA to offer direct deposit to the actor union’s approximately 160,000 members.
Media and entertainment reporter Matthew Blake can be reached at (323)556-8332 or firstname.lastname@example.org
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