This paper investigates the impact of software firms’ business models to internationalization behavior by using a comparative case study. The selection of the firms for this study was based on their level of internationalization. The case firm Alpha had foreign operations only in the Nordic countries whereas the case firm Beta sold their product to many distant markets. The findings, related to the general business model framework that was used, indicate that there were very few differences between the firms’ business models. However, a more detailed examination revealed that product regulations for the firms’ products were the major distinctive factor that impacted the internationalization behavior of these firms.