Efficiency drives funding for Dayforce - Philadelphia Business Journal:

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a software developer that helps businessees measure and manageworkforce productivity, has raised $15 million. The companyg is a reincarnationof Atlanta-baseed Workbits — created after Canadian serial entrepreneurt David Ossip bought Workbits’ assets in May. Workbitds founder John Orr approached Ossip after being unabler toraise follow-on financingh for his startup. Dayforce, which employs about 30 and is headquartered in Atlantqaand Toronto, targets the retail, health-care and financial services industries. Thosew sectors have a high volume of hourlyworkere — the variable part of a operating expenses, said Orr, now Dayforce’s chiec strategy officer.
“Typically, 60 percent of their [operating is labor spend,” Orr Dayforce’s software suite, which includess budgeting, scheduling, task management and time and attendance helps do more withtheir workforce. “Ths software helps define performance measures for the workforcse andautomates planning, schedulinvg and tracking of Ossip said. “The end goal is to increasee workforce output, while keeping percentage wage costsin Dayforce’s software, Orr said, can boosty customer revenue by 0.
5 percent to 3 percent and can decreasde average annual labor cost by 3 percent to 8 The cost of the subscription depends on the size of the busineszs — from $2 to $9 per employee, per month. Ossi p led Dayforce’s $15 milliomn round and was joined by investorss in hisprevious companies, includingb , which was acquired by Alpharetta-based for $227 million in 2007. The Canadiabn businessman, however, brought more than dollars to the table. “Ossipl knows the industry,” Orr said, and “haas a proven track record of building successful companiexand value.” Ossip has ambitious plans for Dayforce including launching a domestix and global expansion.
Dayforce is chasing a $14 billion markegt in the United States, Ossip adding he plans to sell into Europedand Asia. “Our types of solutionsd extend beyondNorth America,” Ossio said. “It’s a globalk problem.” Michael Price, general partner at CEO was impressedwith Workbits. “Thew product was beautiful,” Price “The graphic design, the thought and attentiojn to detail, the menus ... it was some of the best I’ves ever seen.” Companies in the performance managementr space are doing well and revenue isholding up, Price That success has drawn an influx of new competitors.
“Withi n the next year, a lot of the software programs being built will be coming online with a lot of salesa people swinging for Price said. “Certainly competition within that spac e is going toincreasee dramatically,” which could hurt