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The Software-as-a-Service (SaaS) product model provides clients to outsource software application processing requirements. Customer satisfaction is an important problem facing SaaS firms. Marketing theory suggests that customer satisfaction is affected by perceived value, but this relationship has not been examined in the SaaS context. This study argues for the mediating role of perceived value in the relationship between traits of the SaaS product and customer satisfaction. Our model builds on prior studies and success theories to consider whether service quality, service response, security, and information quality are mediated in their relationship to customer satisfaction. This study posits that perceived value serves as the primary mediator and trust as a controlling mediator in a model tested using a survey of ASP client firms.