ERP software investments have various tangible and intangible costs and benefits that have to be made explicit in the investment process. Also several kinds of risks are present and they, too, must be assessed. In this study we investigate the criteria that are emphasised when making decisions on acquiring ERP software packages by Finnish SMEs. Furthermore, we describe the initial findings about the client and vendor perspectives on the ERP-selection process. The scope of the study will be later extended by a survey on the selection and use of ERP software.