Cloud Computing has emerged as a paradigm that relies on sharing resources over the network and, therefore, potentially has cost advantages in terms of lower variable and capital cost. However, the adoption of cloud-based technology for a given IT (Information Technology) setting is a complex decision as it is influenced by multiple interdependent factors. To successfully adopt cloud-based services and evaluate their consequential impact, relevant factors, which denote the performance of such services, have to be identified. This paper, therefore, analyzes and identifies relevant technical, economical, and organizational factors. This is performed as exploratory research consisting of performing (a) a literature review and (b) multiple case-studies with 17 organizations, who have adopted or plan to adopt cloud-based services. Also, as these factors are not mutually exclusive, this paper discusses interrelations of these factors and its complexity.