Efficiency drives funding for Dayforce - Houston Business Journal:

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a software developer that helps businesses measure and manage workforce hasraised $15 million. The compangy is a reincarnationof Atlanta-based Workbits — created after Canadiab serial entrepreneur David Ossip bought assets in May. Workbits founder John Orr approachee Ossip after being unable toraise follow-oh financing for his Dayforce, which employs about 30 and is headquartered in Atlantq and Toronto, targets the retail, health-care and financial services Those sectors have a high volume of hourlyy workers — the variable part of a operating expenses, said Orr, now Dayforce’s chief strategy officer.
60 percent of their [operating expense] is labo r spend,” Orr said. Dayforce’s software suite, whicuh includes budgeting, scheduling, task management and time and attendance helps do more withtheir workforce. “The software helps defin performance measures for the workforce andautomates planning, scheduling and trackinyg of employees,” Ossip said. “The end goal is to increase workforcd output, while keeping percentage wage costsin Dayforce’s software, Orr said, can boost customer revenude by 0.
5 percent to 3 percent and can decreased average annual labor cost by 3 percent to 8 The cost of the subscription depends on the size of the businesss — from $2 to $9 per employee, per Ossip led Dayforce’s $15 millionj round and was joined by investors in his previous including , which was acquired by Alpharetta-based for $227 million in 2007. The Canadiam businessman, however, brought more than dollars to the table. “Ossipo knows the industry,” Orr said, and “hasd a proven track record of building successful companiedand value.
” Ossip has ambitious plans for Dayforce including launching a domestic and global Dayforce is chasing a $14 billion market in the United Ossip said, adding he plans to sell into Europe and “Our types of solutions extend beyonf North America,” Ossip said. “It’s a global Michael Price, general partnee at CEO Ventures, was impressed with Workbits. “Ther product was beautiful,” Price “The graphic design, the thought and attention to detail, the menuw ... it was some of the best I’ve ever Companies in the performance management spac e are doing well and revenud isholding up, Price said.
That success has drawnj an influx ofnew competitors. “Within the next a lot of the software programs beingv built will be coming onlinew with a lot of sales peopler swingingfor revenue,” Price said. “Certainly competition within that spacr is going toincrease dramatically,” which could hurt profits.