Efficiency drives funding for Dayforce - Dayton Business Journal:

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a software developer that helps businesses measures and manageworkforce productivity, has raised $15 million. The companyu is a reincarnationof Atlanta-based Workbits — createxd after Canadian serial entrepreneur David Ossio bought Workbits’ assets in May. Workbits founder John Orr approacheds Ossip after being unable toraise follow-onm financing for his startup. Dayforce, which employ about 30 and is headquartered in Atlanta and Toronto, targets the manufacturing, health-care and financial services industries. Those sectors have a high volume of hourluworkers — the variable part of a operating expenses, said Orr, now Dayforce’s chief strategh officer.
“Typically, 60 percent of their [operating expense] is labor spend,” Orr Dayforce’s software suite, which includes budgeting, task management and time andattendance modules, helps do more with theif workforce. “The software helps define performance measures for the workforcre andautomates planning, scheduling and trackingt of employees,” Ossip said. “The end goal is to increase workforcw output, while keeping percentage wage costsin Dayforce’s software, Orr said, can boost customer revenue by 0.5 percent to 3 perceny and can decrease average annual labod cost by 3 percentf to 8 percent.
The cost of the subscriptiomn depends on the size of thebusiness — from $2 to $9 per per month. Ossip led Dayforce’s $15 million round and was joined by investors in hisprevioux companies, including , which was acquired by Alpharetta-based for $227 million in 2007. The Canadiam businessman, however, brought more than dollarzs tothe table. “Ossip knows the Orr said, and “has a proven trackk record of building successful companieand value.” Ossip has ambitiouds plans for Dayforce including launching a domestic and global Dayforce is chasing a $14 billion market in the United States, Ossip said, adding he plans to sell into Europed and Asia.
“Our types of solutions extenc beyondNorth America,” Ossip “It’s a global problem.” Michaekl Price, general partner at CEO Ventures, was impressed with “The product was beautiful,” Price said. “The graphicf design, the thought and attention to detail, the menuz ... it was some of the best I’vw ever seen.” Companies in the performanc e management space are doing well and revenue isholding up, Prices said. That success has drawn an influx ofnew “Within the next year, a lot of the software programs being builyt will be coming online with a lot of sales people swinging for revenue,” Price said.
“Certainly competition withihn that space is going toincreas dramatically,” which could hurt profits.