Software as a Service (SaaS) is not only changing the way software is delivered and sold, but is also challenging conventional thinking on how software companies will create shareholder value. Over the past year, the public markets have witnessed the IPOs of Salesforce.com, Right Now, WebSideStory, and Kintera. And yet, the SaaS sector is defined by many privately-held companies that are seeking ways to build long-term value for its shareholders. The key questions for SaaS firms become: what are the long-term prospects for the SaaS sector; how are SaaS firms going to be valued; what are the critical measurements of success for SaaS firms; and how does this differ from traditional methodologies used for software firms. During this program, we will engage the perspective of industry thought leaders including IDC, a global market intelligence research firm; Merrill Lynch, a global investment banking firm; and Triple-Tree, a researched based investment banking firm.