SPI (Software Process Improvement) activities have been considered one of the crucial approaches to achieve high quality, productivity and timely delivery of software products and services. The basic premise of SPI model is that higher maturity levels lead to better performance. In this research, the relationships between SPI results and performance were empirically investigated with Korean software companies. CMM key process areas were categorized into two dimensions, 'Process Implementation' and 'Quantitative Management'. The relationship between process implementation and performance was significant, but the relationship between quantitative management and performance was insignificant. The control variable, size of OU(Organizational Unit), did not have significant impact on the relation ships between SPI activities and OU performance.