This study investigates factors instrumental to the success of software industries of the 3I Nations (India, Ireland and Israel), examines the relationship between its elements, and studies the performance of software firms in West Africa. The study draws on concepts from multiple theoretical perspectives to develop a model for assessing the relationship between intellectual capital of software firms and their performance. The developed model was experimentally validated through a field survey of 83 software companies in West Africa using the Partial Least Square method. The survey results show significant relationship between the elements of intellectual capital and competitive capabilities of firms and between competitive capabilities and firm performance. Mixed results were found on the moderating effects of management commitment and transformational leadership. The findings provide important implications to researchers, policy makers, software developers and other market players while contributing to knowledge on strategic management and the strategic importance of intellectual capital.