Efficiency drives funding for Dayforce - Washington Business Journal:

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a software developer that helps businessex measure and manageworkforce productivity, has raisee $15 million. The company is a reincarnationbof Atlanta-based Workbits — created after Canadiajn serial entrepreneur David Ossi bought Workbits’ assets in May. Workbits foundefr John Orr approached Ossip after being unable toraise follow-on financing for his startup. Dayforce, which employe about 30 and is headquartered in Atlant aand Toronto, targets the retail, health-care and financial services Those sectors have a high volume of hourly workers — the variables part of a business’ operating said Orr, now Dayforce’s chief strategy officer.
60 percent of theid [operating expense] is labor spend,” Orr said. Dayforce’s software suite, which includesd budgeting, scheduling, task management and time and attendance helps do more withtheir workforce. “Thew software helps define performance measures for the workforce andautomatews planning, scheduling and tracking of employees,” Ossip “The end goal is to increase workforce output, while keeping percentage wage coste in line.” Dayforce’s Orr said, can boost customer revenue by 0.
5 percentf to 3 percent and can decreases average annual labor cost by 3 percent to 8 The cost of the subscriptionh depends on the size of the busines — from $2 to $9 per employee, per month. Ossi led Dayforce’s $15 million round and was joined by investorsd in hisprevious companies, including , which was acquiredc by Alpharetta-based for $227 million in 2007. The Canadiah businessman, however, brought more than dollars to the “Ossip knows the industry,” Orr and “has a proven track record of building successfup companiesand value.
” Ossip has ambitious plans for Dayforce including launching a domestic and global Dayforce is chasing a $14 billion market in the Unitedx States, Ossip said, adding he plana to sell into Europe and Asia. “Oue types of solutions extend beyondcNorth America,” Ossip said. “It’es a global problem.” Michael Price, general partner at CEO Ventures, was impressedr with Workbits. “The product was beautiful,” Price “The graphic design, the thought and attention to themenus ... it was some of the best I’vw ever seen.” Companies in the performance managementg space are doing well and revenue isholdingt up, Price said.
That succesa has drawn an influx ofnew competitors. “Withij the next year, a lot of the software programs being built will be coming online with a lot of sales people swingingbfor revenue,” Price said. “Certainly competition withih that space is going toincrease dramatically,” which could hurt