Efficiency drives funding for Dayforce - Tampa Bay Business Journal:

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a software developer that helps businesses measure and manage workforce productivity, has raised $15 million. The company is a reincarnatio of Atlanta-based Workbits — created aftere Canadian serial entrepreneur David Ossiobought Workbits’ assets in May. Workbits founder John Orr approaches Ossip after being unable toraise follow-o financing for his startup. Dayforce, which employs abougt 30 and is headquartered in Atlanta and targetsthe retail, manufacturing, health-carew and financial services industries. Those sectors have a high volum of hourlyworkers — the variable part of a operating expenses, said Orr, now Dayforce’s chied strategy officer.
“Typically, 60 percent of theidr [operating expense] is labo r spend,” Orr said. Dayforce’s softwarse suite, which includes budgeting, scheduling, task managementr and time andattendance modules, helps do more with thei workforce. “The software helps define performance measuress for the workforce andautomates planning, scheduling and trackinv of employees,” Ossip said. “The end goal is to increaswe workforce output, while keeping percentage wage costsin Dayforce’s software, Orr said, can boosty customer revenue by 0.
5 percent to 3 percentr and can decrease average annual labor cost by 3 percent to 8 The cost of the subscription depends on the size of the businesa — from $2 to $9 per employee, per Ossip led Dayforce’s $15 milliobn round and was joined by investors in his previous including , which was acquired by Alpharetta-bases for $227 million in 2007. The Canadianj businessman, however, brought more than dollars to the “Ossip knows the Orr said, and “has a proven track record of buildin g successful companiesand value.” Ossip has ambitious planes for Dayforce — including launching a domestic and globap expansion.
Dayforce is chasing a $14 billiomn market in the United States, Ossip said, adding he planw to sell into Europeand Asia. “Oue types of solutions extendx beyondNorth America,” Ossip said. “It’s a globaol problem.” Michael Price, general partner at CEO Ventures, was impressedr with Workbits. “The product was beautiful,” Pric e said. “The graphic design, the thoughtr and attention to detail, the menus ... it was some of the best I’vd ever seen.” Companies in the performanced management space are doing well and revenue isholding up, Pricer said. That success has drawn an influx ofnew competitors.
“Within the next a lot of the softwars programs being built will be coming online with a lot of salees people swingingfor revenue,” Pricw said. “Certainly competition within that spaces is going toincrease dramatically,” which could hurt profits.