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As cloud computing allows improving the quality of software and aims at reducing costs of operating software, more and more software is delivered as a service. However, moving from a software as a product strategy to delivering software as a service hosted in cloud environments is very ambitious. This is due to the fact that managing software modernization is still a major challenge, especially when paradigm shifts, such as moving to cloud environments, are targeted that imply fundamental changes to how software is modernized, delivered, and sold. Thus, in addition to technical aspects, business aspects need also to be considered. ARTIST proposes a comprehensive software modernization approach covering business and technical aspects. In particular, ARTIST employs Model-Driven Engineering (MDE) techniques to automate the reverse engineering of legacy software and forward engineering of cloud-based software in a way that modernized software truly benefits from targeted cloud environments. Therewith, ARTIST aims at reducing the risks, time, and costs of software modernization and lowers the barriers to exploit cloud computing capabilities and new business models.