Servitization describes the transformation of a manufacturer to a customer-centric service and solution provider. Providing customer solutions requires the integration of knowledge from different domains, e.g., engineering, software, and service, and usually also entails that more knowledge-intensive business services (KIBS) become part of the manufacturer’s overall business model. Against this background, this article investigates how manufacturing and software firms leverage knowledge in KIBS and corresponding business models. We developed a taxonomy that systematizes KIBS along the three meta-dimensions of value proposition, value creation, and value capture. The application of our taxonomy to exemplary cases from both industries shows different strategies of knowledge usage across these industries. Our findings can support the development of KIBS and help practitioners to understand different ways of utilizing knowledge as a strategic resource. Implications for research point to the need for better understanding the collaboration of multiple actors from a knowledge-based perspective.