Burbank, CA, February 14, 2017 – Entertainment Partners (EP), the leading global end-to-end provider of payroll, workforce management and production management solutions for the entertainment industry, today announced it has invested in Exactuals, a new Software as a Service (SaaS) technology company, in a move that paves the way for vast improvements in how residuals payments are made. Founded by software industry veterans Mike Hurst and Jason Hiller, Exactuals is poised to provide greater efficiencies to the full range of participants in the entertainment industry payment cycle through its flagship product, PaymentHub. Hurst and Hiller developed expertise in entertainment industry payment processing while working together at Oracle and have been successfully providing secure, transparent and rapid payments for highly respected clients in the music industry.
“We have been sharply focused on leading the charge toward automating and digitizing the entertainment production world, and Exactuals aligns perfectly with our mission,” notes EP President and Chief Executive Officer Mark Goldstein. “This relationship will allow us to simplify another complex process, the distribution of residuals payments, expanding our palette of services for our clients while moving us forward on our technology roadmap.”
The relationship will enable Entertainment Partners to respond efficiently to specific longstanding requests from its clients and production workers. “Direct deposit and aggregated payments have been at the top of the wish list for the residuals payment world for many years,” Goldstein explains. “As the largest processor of residuals in the entertainment industry, it is so rewarding for EP to be able to deliver these options.”
Exactuals has assembled an influential base of industry experts to help guide its strategy. To help support the new relationship, EP’s Chief Finance Officer, Darren Seidel, will be joining 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 join the Board of Exactuals and support their vision to modernize the payments space,” says 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.”
“The investment in Exactuals will result in a major modernization of how residuals payments are made, dramatically simplifying the process for clients and exponentially improving satisfaction among everyone who receives residuals payments,” explains EP Sr. Executive Vice President Anita Geller. “It’s yet another way EP is reinventing the core processes in the entertainment industry.”
“We built Exactuals with this relationship in mind,” offers Mike Hurst, CEO and Co-Founder of Exactuals. “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.”
EP’s Scenechronize has already automated and simplified many manual production office processes and secured distribution of scripts and sensitive information, while its SmartStudio suite of products has digitized and evolved functions such as employee onboarding and time card completion.
About Entertainment Partners
Entertainment Partners (EP) is the global leader in entertainment payroll, workforce management, residuals, tax incentives, finance, and other integrated production management solutions with 15 offices in the U.S., Canada, London, and Tokyo. Currently on a mission to digitize the paper-heavy back office processes of entertainment production, EP is striving to reinvent how the entertainment industry works and interacts to make production simpler. Combining unparalleled industry expertise and innovative technology, EP strives to make the complex simple and collaborates with its entertainment industry clients to help them produce the most cost-effective and efficient film, television, digital, and commercial projects. Its accounting systems and Movie Magic Budgeting and Scheduling programs are the industry standards and its EP Financial Solutions group is the industry’s most experienced incentives team, assisting productions all over the world. In addition, casting and payroll for background actors is handled through its legendary Central Casting division, a Hollywood icon since 1925. Established 40 years ago, EP is a 100% employee-owned company.
Exactuals provides an innovative SaaS platform used by film/TV, music, and marketplace companies to manage residuals, royalties, and other complex payments for thousands of payees. Founded at the Stanford Graduate School of Business in 2011 with the mission to modernize the entertainment payments space, the company is led by a team of software and entertainment industry veterans and has received funding from Entertainment Partners, City National, TTV Capital, S-Cubed Capital, and Stanford-StartX Fund among others. Exactuals is headquartered in Los Angeles, California. For more information, please visit www.exactuals.com.
Vice President, Communications