Efficiency drives funding for Dayforce - Triangle Business Journal:

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a software developer that helps businesses measure and manage workforce hasraised $15 million. The company is a reincarnatiojof Atlanta-based Workbits — created after Canadian serial entrepreneur David Ossip bought Workbits’ assetw in May. Workbits founder John Orr approached Ossip afterf being unable to raise follow-on financing for his startup. Dayforce, which employs about 30 and is headquarterec in Atlantaand Toronto, targetws the retail, manufacturing, health-care and financial services Those sectors have a high volume of hourly workers — the variable part of a business’ operatinvg expenses, said Orr, now Dayforce’s chief strategt officer.
“Typically, 60 percent of theirt [operating expense] is labor spend,” Orr Dayforce’s software suite, which includes budgeting, scheduling, task managementt and time andattendance modules, helps do more with theie workforce. “The software help s define performance measures for the workforce andautomatesd planning, scheduling and trackinbg of employees,” Ossip said. “The end goal is to increased workforce output, while keepin percentage wage costsin line.” Dayforce’s software, Orr said, can boost customer revenue by 0.
5 percent to 3 perceny and can decrease average annual labor cost by 3 percent to 8 The cost of the subscription depends on the size of the businesws — from $2 to $9 per per month. Ossip led Dayforce’s $15 million round and was joinee by investors in hispreviousx companies, including , which was acquireds by Alpharetta-based for $227 million in 2007. The Canadia n businessman, however, brought more than dollar s tothe table. “Ossip knows the industry,” Orr and “has a proven track record of buildinyg successful companiesand value.” Ossip has ambitious plansz for Dayforce — including launching a domesti and global expansion.
Dayforce is chasingb a $14 billion market in the United States, Ossip adding he plans to sell into Europeand Asia. “Ouer types of solutions extend beyond North Ossip said. “It’s a global problem.” Michael Price, generalo partner at CEO Ventures, was impressed with Workbits. “The productg was beautiful,” Price said. “Th graphic design, the thought and attention to detail, the menusz ... it was some of the best I’vse ever seen.” Companies in the performancw management space are doing well and revenued isholding up, Price said.
That succes has drawn an influx ofnew “Within the next year, a lot of the software programs being built will be coming online with a lot of salexs people swinging for revenue,” Price said. “Certainly competitionj within that space is going to increase which couldhurt profits.