Presenting the value of IS to business managers is an important challenge in the business-IS relationship. Despite several contemporary advantages of IS that are based on the digital innovations and social media, these advantages are not easily utilized if top management does not perceive the business value in IS. The purpose of this paper is thus to examine to which extent top management support contributes to the increased perceived value of IS and simultaneously to examine whether partnership relation between top managers and IS personnel contributes more. Based on the literature review and several interviews with top managers and IS managers a model for increasing perceived value of IS has been proposed with the intention to justify the importance of each factor. The model has been empirically tested with structural equation modelling using the data from 221 IS managers. Based on the research findings, suggestions for top managers and IS managers are presented.