In a former published study (Versendaal et al., 2010) the authors identified process-related factors that influence the performance of application management in banks and insurance firms in terms of operational excellence. The identified factors were validated through a case study. In this extended version of the study we re-present our earlier research integrated with: 1) further validation of the results with IT management professionals from outside the initial case study company, 2) explicating and validating culture-related factors that influence application management performance. Our extended findings support the validity of the identified process and cultural factors and as such can be used to indicate directions for implementation of application management.