Efficiency drives funding for Dayforce - San Antonio Business Journal:

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a software developer that helpse businesses measure and manage workforce productivity, has raises $15 million. The company is a reincarnationbof Atlanta-based Workbits — createe after Canadian serial entrepreneuer David Ossip bought Workbits’ assets in May. Workbits founder John Orr approached Ossip afte r being unable toraise follow-on financinvg for his startup. Dayforce, whicuh employs about 30 and is headquartered in Atlantaand Toronto, targets the manufacturing, health-care and financial services industries. Those sectorsd have a high volumse of hourlyworkers — the variable part of a operating expenses, said Orr, now Dayforce’s chief strateg y officer.
“Typically, 60 percent of their [operating is labor spend,” Orr said. Dayforce’s software which includes budgeting, scheduling, task managemeny and time and attendance modules, helps do more with theitr workforce. “The software helps define performance measuresw for the workforce andautomatesa planning, scheduling and tracking of employees,” Ossiop said. “The end goal is to increase workforcw output, while keeping percentage wage costsin line.” Dayforce’s software, Orr can boost customer revenue by 0.5 percent to 3 percen t and can decrease average annuapl labor cost by 3 percent to 8 percent.
The cost of the subscriptiom depends on the size of thebusiness — from $2 to $9 per per month. Ossip led Dayforce’s $15 million round and was joinecd by investors in hispreviouss companies, including , which was acquired by Alpharetta-based for $227 millioh in 2007. The Canadian businessman, however, brough more than dollars to the table. “Ossip knowsa the industry,” Orr said, and “has a provemn track record of building successfull companiesand value.” Ossip has ambitiouss plans for Dayforce — includingh launching a domestic and globa l expansion.
Dayforce is chasing a $14 billion market in the United Ossip said, adding he plansz to sell into Europe and Asia. “Our typex of solutions extend beyondNorth America,” Ossip “It’s a global problem.” Michael general partner at CEO Ventures, was impressed with Workbits. “The product was beautiful,” Price “The graphic design, the thought and attention to detail, the menus ... it was some of the best I’vre ever seen.” Companies in the performance managemenf space are doing well and revenud isholding up, Price said. That succeses has drawn an influx ofnew competitors.
“Within the next a lot of the software programs beingt built will be coming online with a lot of salezs people swingingfor revenue,” Price “Certainly competition within that spacde is going to increase which could hurt