The transition from on-premises to cloud-based enterprise software influences independent software vendors (ISVs) to build their solutions upon the software offered by well-established vendors. This paper evaluates different strategies in this transition. The study is based on a data set of 1,652 ISVs that match appropriate characteristics, which forms the basis for this study. We obtained unexpected results regarding growth opportunities for ISVs joining a cloud platform. We did not find a significant effect of cloud adoption on ISV’s growth opportunities, and we still see growth opportunities for ISVs who run their software on-premises. In addition, we found that ISVs showed higher growth opportunities when single-homing compared to multi-homing. These findings contribute to understanding ISV’s challenges in transitioning from on-premises to the cloud. In the near term, there still seem to be business opportunities for maintaining customers’ on-premises landscapes. Furthermore, it is costly to develop the capabilities for a cloud platform ecosystem; thus, focusing on one of the large vendors’ ecosystems could be a promising strategy for ISVs.