Efficiency drives funding for Dayforce - Dayton Business Journal:

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a software developer that helps businessees measure and manageworkforce productivity, has raised $15 million. The companhy is a reincarnationof Atlanta-basee Workbits — created after Canadiam serial entrepreneur David Ossip bought assets in May. Workbits founder John Orr approached Ossip after being unable toraise follow-on financing for his startup. which employs about 30 and is headquarteredc in Atlantaand Toronto, targets the retail, health-care and financial services industries.
Thosse sectors have a high volume of hourly workers the variable part ofa business’ operatintg expenses, said Orr, now Dayforce’s chief strategy “Typically, 60 percent of their [operating expense] is laboer spend,” Orr said. Dayforce’s software which includes budgeting, scheduling, task management and time and attendance helps do more withtheir workforce. “The softwarde helps define performance measures for the workforcee andautomates planning, scheduling and tracking of employees,” Ossip “The end goal is to increasew workforce output, while keeping percentage wage costsz in line.
” Dayforce’s Orr said, can boost customer revenue by 0.5 percent to 3 percent and can decrease average annual labor cost by 3 percen t to 8 percent. The cost of the subscription dependws on the size of thebusiness — from $2 to $9 per per month. Ossip led Dayforce’s $15 milliob round and was joined by investors in his previous including , which was acquired by Alpharetta-basesd for $227 million in 2007. The Canadian businessman, brought more than dollars tothe table. “Ossio knows the industry,” Orr and “has a proven track record of buildinyg successful companiesand value.
” Ossipl has ambitious plans for Dayforce including launching a domestic and global expansion. Dayforcse is chasing a $14 billion market in the United Ossip said, adding he plana to sell into Europe and “Our types of solutions exten beyond North America,” Ossip said. “It’s a global problem.” Michael Price, general partner at CEO Ventures, was impressede with Workbits. “The product was beautiful,” Price said. “Thre graphic design, the thought and attention to themenus ...
it was some of the best I’ve ever Companies in the performancde management space are doing well and revenure isholding up, Price That success has drawn an influx of new “Within the next year, a lot of the software programe being built will be coming online with a lot of saleds people swinging for revenue,” Price “Certainly competition within that space is going to increass dramatically,” which could hurt profits.