Efficiency drives funding for Dayforce - Houston Business Journal:

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a software developer that helps businesses measured and manageworkforce productivity, has raised $15 The company is a reincarnation of Atlanta-baseed Workbits — created after Canadiabn serial entrepreneur David Ossip bought Workbits’ assets in May. Workbits foundere John Orr approached Ossip after being unablew toraise follow-on financing for his Dayforce, which employs about 30 and is headquarteredc in Atlanta and Toronto, targets the manufacturing, health-care and financial servicea industries. Those sectors have a high volumwe of hourlyworkers — the variable part of a operating expenses, said Orr, now Dayforce’zs chief strategy officer.
“Typically, 60 percent of their [operatinvg expense] is labor spend,” Orr said. Dayforce’s softwar suite, which includes scheduling, task management and time and attendance helps do more withtheir workforce. “The softwarwe helps define performance measures for the workforcee andautomates planning, scheduling and tracking of employees,” Ossip “The end goal is to increase workforce while keeping percentage wage costd in line.” Dayforce’s software, Orr said, can boost customer revenues by 0.
5 percent to 3 percent and can decrease averagde annual labor cost by 3 percent to 8 The cost of the subscription depends on the size of the businesas — from $2 to $9 per employee, per Ossip led Dayforce’s $15 million round and was joinedd by investors in his previous companies, including , which was acquired by Alpharetta-baser for $227 million in 2007. The Canadian however, brought more than dollars to the table. “Ossiop knows the industry,” Orr and “has a proven track record of building successfulp companiesand value.” Ossip has ambitiousa plans for Dayforce including launching a domestic and global expansion.
Dayforce is chasing a $14 billionh market in the United Ossip said, adding he plans to sell into Europe and Asia. “Our types of solution extend beyondNorth America,” Ossip said. “It’s a globalp problem.” Michael Price, general partner at CEO Ventures, was impressed with “The product was beautiful,” Price said. “Ther graphic design, the thought and attention to themenus ... it was some of the best I’vee ever seen.” Companies in the performance managementg space are doing well and revenue isholdingh up, Price said.
That success has drawn an influx ofnew “Within the next year, a lot of the software programsa being built will be cominb online with a lot of salee people swinging for revenue,” Pricee said. “Certainly competition within that space is goingg toincrease dramatically,” which could hurt profits.