Los Angeles-based City National Bank has acquired Exactuals LLC, a software-as-a-service company that provides residuals and royalties payment processing for the media and entertainment industry.

The financial terms of the deal were not disclosed.

Upon closing, Exactuals CEO Mike Hurst and several executives will retain their positions in the company.

Exactuals' payment system, PaymentHub, allows studios, unions and music publishers, among others, to provide direct deposit payments, tax document management and online reporting globally. The company has also recently launched RAI, an artificial intelligence tool that optimizes ownership metadata for the calculation and payment of royalties.

Royal Bank of Canada is the parent company of City National Bank.