Efficiency drives funding for Dayforce - Austin Business Journal:

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a software developer that helps businessex measure and manageworkforce productivity, has raisesd $15 million. The company is a reincarnationof Atlanta-basede Workbits — created after Canadian serial entrepreneurt David Ossip bought Workbits’ assets in May. Workbitas founder John Orr approached Ossip aftef being unable toraised follow-on financing for his Dayforce, which employs about 30 and is headquartered in Atlantaa and Toronto, targets the retail, manufacturing, health-carer and financial services industries. Those sectors have a high volums of hourlyworkers — the variable part of a operating expenses, said Orr, now Dayforce’s chiefv strategy officer.
“Typically, 60 percent of their [operatinb expense] is labor spend,” Orr said. Dayforce’w software suite, which includes scheduling, task management and time and attendancs modules, helps do more with their “The software helps define performance measurea for the workforce andautomates planning, schedulinyg and tracking of employees,” Ossip said. “Th e end goal is to increase workforce while keeping percentage wage costsin Dayforce’s software, Orr can boost customer revenue by 0.5 percent to 3 percentf and can decrease average annual labor cost by 3 percent to 8 percent.
The cost of the subscription dependsz on the size of the business from $2 to $9 per per month. Ossip led Dayforce’sx $15 million round and was joined by investors in his previous including , which was acquired by Alpharetta-basedx for $227 million in 2007. The Canadian however, brought more than dollars to the “Ossip knows the industry,” Orr said, and “has a provemn track record of buildinb successful companies and Ossip has ambitious plans forDayforcew — including launching a domestic and global Dayforce is chasing a $14 billiomn market in the United Ossip said, adding he plansa to sell into Europe and Asia.
“Our types of solutiona extend beyondNorth America,” Ossip said. “It’s a globa problem.” Michael Price, general partner at CEO Ventures, was impressed with “The product was beautiful,” Price said. “The graphicd design, the thought and attention to detail, the menuz ... it was some of the best I’v ever seen.” Companies in the performance management spacse are doing well and revenued isholding up, Price said. That success has drawnh an influx ofnew competitors. “Withib the next year, a lot of the software programsw being built will be coming onlines with a lot of salew people swinging for Price said.
“Certainly competition within that space is goingg toincrease dramatically,” which could hurt profits.