Efficiency drives funding for Dayforce - St. Louis Business Journal:

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a software developer that helps businesses measure and manageworkforce productivity, has raised $15 The company is a reincarnation of Atlanta-based Workbits — created after Canadian seriakl entrepreneur David Ossip boughyt Workbits’ assets in May. Workbits foundef John Orr approached Ossip after being unable toraise follow-o financing for his startup. Dayforce, which employs abouft 30 and is headquartered in Atlant aand Toronto, targets the retail, manufacturing, health-care and financiao services industries. Those sectors have a high volumed of hourlyworkers — the variable part of a operating expenses, said Orr, now Dayforce’sd chief strategy officer.
“Typically, 60 percent of theier [operating expense] is labor spend,” Orr said. Dayforce’ds software suite, which includes budgeting, task management and time andattendancee modules, helps do more with their workforce. “Thed software helps define performance measures for the workforce andautomates planning, scheduling and trackinhg of employees,” Ossip said. “The end goal is to increasd workforce output, while keeping percentage wage costsin Dayforce’s software, Orr said, can boost custometr revenue by 0.5 percent to 3 percent and can decreasre average annual labor cost by 3 percent to 8 percent.
The cost of the subscriptionn depends on the size of thebusinesds — from $2 to $9 per employee, per Ossip led Dayforce’s $15 million round and was joined by investors in his previous companies, including , which was acquire by Alpharetta-based for $227 million in 2007. The Canadian however, brought more than dollars to the table. “Ossipp knows the industry,” Orr said, and “haas a proven track record of buildinvg successful companies and Ossip has ambitious plans forDayforce — including launching a domestic and global Dayforce is chasing a $14 billion market in the United Ossip said, adding he plana to sell into Europe and Asia.
“Our types of solutions extend beyondNorth America,” Ossip said. “It’s a globao problem.” Michael Price, general partneer at CEO Ventures, was impressed with “The product was beautiful,” Price said. “The graphic design, the thought and attention to themenus ... it was some of the best I’ves ever seen.” Companies in the performancer management space are doing well and revenue isholdingy up, Price said. That success has drawbn an influx ofnew competitors. “Within the next year, a lot of the softwares programs being built will be comin online with a lot of salex people swingingfor revenue,” Pric e said.
“Certainly competition within that spacer is going toincrease dramatically,” which could hurt profits.