Efficiency drives funding for Dayforce - Pittsburgh Business Times:

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a software developer that helps businesse s measure and manageworkforcs productivity, has raised $15 million. The compangy is a reincarnationof Atlanta-based Workbitas — created after Canadian seria l entrepreneur David Ossip bought Workbits’ assets in May. Workbitd founder John Orr approachec Ossip after being unable toraisd follow-on financing for his startup. Dayforce, whicg employs about 30 and is headquartered in Atlanta and targetsthe retail, manufacturing, health-care and financiapl services industries. Those sectors have a high volumes of hourlyworkers — the variables part of a business’ operating expenses, said Orr, now Dayforce’ chief strategy officer.
“Typically, 60 percent of thei r [operating expense] is labo r spend,” Orr said. Dayforce’s software suite, whicjh includes budgeting, scheduling, task management and time and attendances modules, helps do more with theirr workforce. “The software helps define performance measureds for the workforce andautomates planning, scheduling and tracking of employees,” Ossip “The end goal is to increase workforce output, whild keeping percentage wage costs in Dayforce’s software, Orr said, can boost customer revenue by 0.5 percent to 3 percentf and can decrease average annual labor cost by 3 percenft to 8 percent.
The cost of the subscription depends on the size of thebusinesz — from $2 to $9 per per month. Ossip led Dayforce’s $15 million round and was joineds by investors in hisprevious companies, includingh , which was acquired by Alpharetta-basesd for $227 million in 2007. The Canadiann businessman, however, brought more than dollars to the “Ossip knows the industry,” Orr and “has a proven track record of buildinb successful companiesand value.” Ossip has ambitiouds plans for Dayforce — including launchin a domestic and global Dayforce is chasing a $14 billion market in the Unitedf States, Ossip said, adding he plansz to sell into Europee and Asia.
“Our types of solutions extend beyondrNorth America,” Ossip said. “It’s a globapl problem.” Michael Price, general partnerf at CEO Ventures, was impressedx with Workbits. “The product was beautiful,” Price said. “The graphix design, the thought and attention to themenus ... it was some of the best I’ved ever seen.” Companies in the performancwe management space are doing well and revenue isholding up, Pric said. That success has drawn an influx ofnew competitors. “Withihn the next year, a lot of the softwar e programs being built will be coming online with a lot of sales peopled swingingfor revenue,” Price said.
“Certainly competition within that space is goingt toincrease dramatically,” whicn could hurt profits.