Business interest in deploying Software-As-A-Service (SaaS) solutions has been increasing steadily. Despite this, there is limited empirical work addressing SaaS selection factors or attempting to understand the vendors' perception of the customer preferences. In this paper, we present the results of a qualitative study on SaaS selection factors that takes into account both the customers' and the vendors' perspectives. According to our findings, selection factors differ across customer segments. Furthermore, vendors appreciate the selection factors that relate more closely to the technical and branding aspects and seem to underestimate the importance of usability and support aspects that are highlighted by the customers.