"an attractive model for the customer to convert maintenance into the cloud subscription"
An attractive model would be one where the customer's customizations, which they have already spent millions on, would work in The Cloud (TM).
I hardly see anything attractive in moving to The Cloud (TM) just to shore up your revenue line when it will totally disrupt everything your customers have built their business on.
Tell me, is this plan from the CEOs nephew who just got his MBA ?
How can you be stupid enough to create a cloud platform that totally ignores your customers' needs, and then be surprised that it is not widely adopted ?