Whereas recently cloud computing has gained enormous interest in research and practice, the deployment of cloud computing in larger companies and multi-nationals is still in its infancy. Practice often lacks a sufficiently specific, yet applicable method to determine a company’s cloud readiness and to identify and assess IT services to be taken to the cloud. This paper introduces such a field-tested method for assessing a multi-national’s cloud readiness. Beginning with Continental’s expectations towards cloud computing, the paper presents the Magic Matrices Method applied by Continental. The paper discusses the suitability of the method for research and practice. It concludes that the trend towards cloud computing may lead to easing assessment regarding the most critical stumbling blocks along the lines of compliance, security, and hence user control.