Cloud computing can offer an excellent value proposition to Small, Medium and Micro Enterprises (SMMEs), for whom cash flow, physical IT assets, and human resources are at a premium. However, recent industry surveys among SMMEs are not very conclusive in how its benefits and barriers are perceived and experienced by SMMEs. This paper investigates the adoption and perceptions of cloud computing by SMMEs in an emerging economy, South Africa, to gain a deeper insight into two particular questions. The first is to investigate whether the (perceived or actual) benefits and risks associated with cloud computing differ from that of those in the developed world. The second research question is whether these perceived factors differ between adopters and non-adopters of cloud computing.