Studio City, Calif.-based IP rights management specialist FilmTrack has been acquired by Los Angeles-based City National Bank, the companies announced Aug. 6. Financial terms of the deal were not disclosed.
The deal calls for Jason Kassin, co-founder and CEO of FilmTrack, and fellow executives to be retained with multiyear contracts, with City National Bank using the acquisition to offer entertainment clients complex payments solutions and IP rights management solutions. City National Bank previously acquired entertainment accounting software firm Datafaction and payments Software-as-a-Service (SaaS) company Exactuals.
“This acquisition benefits both companies,” Kassin said. “It will allow us to provide our clients with an expanded offering of financial and payment services and software that allows them to competitively differentiate their businesses by helping them run more efficiently and securely. FilmTrack’s leading technology and City National’s history of serving the entertainment industry create a perfect combination.”
According to City National, the deal will help FilmTrack “expand and accelerate” the development of its platform, and create additional functionality around film and TV finance. FilmTrack’s cloud-based platform currently helps nearly 200 global entertainment clients calculate, track and analyze billions in distribution revenue and participation payments, managing every aspect of the IP lifecycle, covering rights contracts, invoicing, reporting, and royalty calculations.
“The acquisition of FilmTrack is another example of our long commitment to serving the entertainment industry,” said City National Bank CEO Kelly Coffey. “It will provide our clients with a unique end-to-end solution for payments, reconciliation and premier banking services. Combine FilmTrack’s unique tracking software with Exactuals’ payment system and City National’s banking services and you have a one-click secure solution you can’t get anywhere else. Organizing contracts, tracking rights and making timely payments have become significantly more complicated with all of the changes taking place in the entertainment industry, and our company is able to offer unique and compelling solutions.”
Peter Sobiloff, managing director at Insight Partners, a private equity firm that has invested in FilmTrack, said the deal will help FilmTrack expand its client base and its offering.
“We have enjoyed our partnership with FilmTrack over the last six years, working together to build a global software leader for end-to-end media rights management,” he said. “City National’s history and experience serving the entertainment industry combined with FilmTrack’s SaaS rights management solutions will make for a fantastic partnership for the future.”
Wachtell, Lipton, Rosen & Katz acted as legal counsel for City National Bank in the deal, and MediaBridge Capital Advisors and Paul Hastings LLP represented FilmTrack.