Software as a Service (SaaS, typically pronounced 'sass') is a model of Software Development whereby a software provider licenses an application to customers for use as a service on demand. SaaS software vendors may host the application on their own web servers or download the application to the consumer ‘s device, disabling it after use or after the on-demand contract expires. The on-demand function may be handled internally to share licenses within a firm or by a third-party application service provider (ASP) sharing licenses between firms.

Source: From Wikipedia

Hosting Methods
Geneva Systems offers GBMS in two business model environments: traditional and SaaS. The traditional business model environment is available when you want to manage your own hardware and networking equipment at your facility. Geneva Systems launched its SaaS model to manage your networking, hardware and software applications in a fully managed data center. This new trend, SaaS, is sweeping the technology industry with its numerous benefits such as low technological risk, minimal technology staffing, and reduced costs for world-class applications. SaaS gives you the ability to focus on your core business environment and leave the headaches and worries of networking and hardware maintenance to Geneva Systems through Service Level Agreements and guarantees to you.