City National Bank said Tuesday that it has acquired FilmTrack, a Studio City-based software company that helps entertainment businesses manage their intellectual property, a newspaper reported.
Financial terms of the deal were not disclosed, the Los Angeles Times reported.
City National Bank said the deal will provide its customers with more services, while FilmTrack said the bank’s investment will help it grow, according to The Times.
FilmTrack’s software helps entertainment companies keep track of their intellectual property, including whether firms have the rights domestically or abroad to sell or license a TV show or film.
“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 said in a statement.
City National Bank CEO Kelly Coffey said the deal shows the L.A.-based bank’s continued commitment to providing services for the entertainment industry.
“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,” Coffey said in a statement.
Jason Kassin and his brother Stephen founded the company in 1996 and have raised more than $40 million in equity. In the 1990s, Jason Kassin, an actor, screenwriter and a self-taught computer programmer, was hired by Overseas FilmGroup Inc. to write software that tracked the movie company’s film portfolio. Jason Kassin later decided to launch a similar version of that software, which became FilmTrack.
The company, which has 60 employees, will become a subsidiary of City National. FilmTrack’s executives will continue on after the deal, holding multiyear contracts, City National said, according to The Times.
FilmTrack’s nearly 200 entertainment clients include A&E, Voltage Pictures and AMC Networks.