Exactuals, provider of an innovative SaaS platform for complex payments, 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 to $21.5M.
Along with the investment, Exactuals and EP 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.
EP president and chief executive officer, Mark Goldstein said, ”We have been sharply focused on leading the charge toward automating and digitizing the entertainment production world, and Exactuals aligns perfectly with our mission.
”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,” said 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.”
Mike Hurst, CEO and co-founder of Exactuals, explained, “We built Exactuals with this relationship in mind. 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.
PaymentHub lets customers can drive new payment efficiencies and convenience offerings while meeting the strictest requirements for security, accuracy, transparency, and speed.