Exactuals Raises $10.6M in Series B Financing Led by Entertainment Partners, City National, and TTV Capital
Enters Long-Term Agreement with EP to Process Residual Payments
LOS ANGELES, February 15, 2017-- Exactuals, provider of an innovative SaaS platform for complex payments, today announced it has raised $10.6M in Series B financing from global entertainment payroll and production management solutions provider, Entertainment Partners (EP), City National, and TTV Capital. The announcement was made one week after the company announced its previous Series A round bringing total investment in Exactuals to $21.5M.
In addition to the investment, Exactuals and Entertainment Partners will form a new relationship that enables EP to execute residual payments via Exactuals PaymentHub. The company's innovative dashboarding and reporting solutions will be integrated with EP's industry leading residuals processing business and SmartResiduals Suite of products. Existing and future EP clients will benefit greatly from this relationship through modernized processes, dynamic reporting, and simplified customer service.
"We have been sharply focused on leading the charge toward automating and digitizing the entertainment production world, and Exactuals aligns perfectly with our mission," notes EP President and Chief Executive Officer, Mark Goldstein. "This new relationship will allow us to simplify another complex process, expanding our palette of services for our clients while moving us forward on our technology roadmap."
With this investment, EP's Chief Finance Officer, Darren Seidel, joins the Exactuals Board of Directors. Seidel, who joined EP in 2015 following positions at Warner Bros. and The Walt Disney Company, played a critical role in developing the relationship with Exactuals.
"It is an honor to serve on the Board of Exactuals and support their vision to modernize the payments space," says Seidel. "Their incredible team has developed a superior technology that will help our industry advance and I look forward to a productive and rewarding relationship."
"We built Exactuals with this relationship in mind," said Mike Hurst, CEO and Co-Founder of Exactuals. "Entertainment Partners is the perfect investor and partner to champion our mission to modernize entertainment payments. We are grateful for the support of Mark Goldstein and Anita Geller and are thrilled to welcome Darren Seidel to our Board of Directors."
Exactuals was founded at the Stanford Graduate School of Business in 2011 with the mission to modernize the entertainment payments space. Its flagship SaaS product, PaymentHub, is used by film/TV, music, and marketplace companies to manage high volumes of residuals, royalties, and other complex payments. With PaymentHub, customers can drive new payment efficiencies and convenience offerings while meeting the strictest requirements for security, accuracy, transparency, and speed.
For more information about today's announcement, please click here.
About Entertainment Partners
Entertainment Partners (EP) is the global leader in entertainment payroll, workforce management, residuals, tax incentives, finance, and other integrated production management solutions with 15 offices in the U.S., Canada, London, and Tokyo. Currently on a mission to digitize the paper-heavy back office processes of entertainment production, EP is striving to reinvent how the entertainment industry works and interacts to make production simpler. Combining unparalleled industry expertise and innovative technology, EP strives to make the complex simple and collaborates with its entertainment industry clients to help them produce the most cost-effective and efficient film, television, digital, and commercial projects. Its accounting systems and Movie Magic Budgeting and Scheduling programs are the industry standards and its EP Financial Solutions group is the industry's most experienced incentives team, assisting productions all over the world. In addition, casting and payroll for background actors is handled through its legendary Central Casting division, a Hollywood icon since 1925. Established 40 years ago, EP is a 100% employee-owned company.
About City National
With $47 billion in assets, City National provides banking, investment, and trust services through 73 offices, including 16 full-service regional centers in Southern California, the San Francisco Bay Area, Nevada, New York City, Nashville and Atlanta. In addition, the company and its investment affiliates manage or administer $58 billion in client investment assets. City National is a subsidiary of Royal Bank of Canada (RBC), one of North America's leading diversified financial services companies. RBC serves more than 16 million personal, business, public sector and institutional clients through offices in Canada, the United States and 36 other countries.
For more information about City National, visit the company's website at cnb.com
Exactuals provides an innovative SaaS platform used by film/TV, music, and marketplace companies to manage residuals, royalties, and other complex payments for thousands of payees. Founded at the Stanford Graduate School of Business in 2011 with the mission to modernize the entertainment payments space, the company is led by a team of software and entertainment industry veterans and has received funding from Entertainment Partners, City National, TTV Capital, S-Cubed Capital, and Stanford-StartX Fund among others. Exactuals is headquartered in Los Angeles, California. For more information, please visit www.exactuals.com.
Chey Bell or Maissa Dauriac
MSR Communications for Exactuals
Vice President, Corporate Communications
Venture Capital Database