When you are based in Los Angeles, it’s entertainment that matters. City National Bank, which is one of the most dominant financial services companies in the entertainment mecca of the world, has found a clever way to strengthen its business relationships and perhaps expand into new ones. Although not having to do anything with optimizing banking operations, City National acquired software company FilmTrack, which facilitates the business activities of entertainment professionals.
“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,” City National Bank CEO Kelly Coffey said regarding the software tools it just acquired.
While Coffey speaks to the extended services it can provide its current clients, the bank is also likely gaining new important clients through the acquisition. Over the last three decades since its founding, FilmTrack has amassed a serious book of business. It has over 200 entertainment clients including the likes of A&E, Voltage Pictures and AMC Networks.
The acquisition makes sense from FilmTrack’s perspective as well. “FilmTrack’s leading technology and City National’s history of serving the entertainment industry create a perfect combination,” FilmTrack’s co-founder and CEO Jason Kassin commented.
FilmTrack provides a SaaS-based platform that streamlines the intellectual property management lifecycle from project inception to distribution including contracting, invoicing, licensing, revenue recognition, royalties and workflow management. It was founded in 1996 by brothers Jason and Stephen Kassin. They raised approximately $45 million over the years and their primary equity investor was Insight Partners.
Jason had been an actor, screenwriter and a self-taught computer programmer. When he was assigned a project to build software that would track a studio’s film portfolio, he realized later on that other studios would need a similar solution. He launched his own software, which eventually became FilmTrack. Today, the company is supported by over 60 employees.
City National Bank is a subsidiary of Toronto-based Royal Bank of Canada and it is the 37th largest bank in the United States. It’s most notable sponsorships include those of the Los Angeles Clippers, The Tony Awards and the Vegas Golden Knights.