Efficiency drives funding for Dayforce - Kansas City Business Journal:

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a software developer that helps businessesa measure and manage workforce hasraised $15 million. The company is a reincarnatiomnof Atlanta-based Workbits — created aftet Canadian serial entrepreneur David Ossipo bought Workbits’ assets in May. Workbit s founder John Orr approached Ossip after being unabld toraise follow-on financint for his startup. Dayforce, which employas about 30 and is headquartered in Atlanta and Toronto, targets the retail, health-care and financial services industries. Those sectors have a high volume of hourltworkers — the variable part of a operating expenses, said Orr, now Dayforce’sz chief strategy officer.
“Typically, 60 percent of their [operating is labor spend,” Orr said. Dayforce’ss software suite, which includes budgeting, scheduling, task managementr and time andattendance modules, helps do more with their “The software helps define performance measurezs for the workforce and automates planning, scheduling and trackinf of employees,” Ossip said. “The end goal is to increasre workforce output, while keeping percentagee wage costsin line.” Dayforce’s software, Orr said, can boostg customer revenue by 0.5 percent to 3 percenr and can decrease average annualk labor cost by 3 percent to 8 percent.
The cost of the subscriptionm depends on the size of thebusinesa — from $2 to $9 per per month. Ossip led Dayforce’s $15 millionh round and was joined by investors in his previous including , which was acquired by Alpharetta-based for $227 milliom in 2007. The Canadian businessman, brought more than dollars tothe table. “Ossip knowse the industry,” Orr said, and “has a proveb track record of building successfuk companiesand value.
” Ossip has ambitious plans for Dayforcr — including launching a domestic and global Dayforce is chasing a $14 billion markett in the United States, Ossip said, adding he plans to sell into Europe and “Our types of solutions extenfd beyond North America,” Ossip said. “It’s a global problem.” Michael general partner at CEO Ventures, was impressed with “The product was beautiful,” Price “The graphic design, the thought and attention to themenus ... it was some of the best I’vde ever seen.
” Companies in the performance management space are doinb well and revenue isholding up, Price That success has drawn an influx of new competitors. “Withi n the next year, a lot of the softwarw programs being built will be cominyg online with a lot of sales peopled swingingfor revenue,” Price said. “Certainly competition withi that space is going toincreas dramatically,” which could hurt profits.