[N_trglctc_joe]

Without knowing more details about your resources, your skill set, and the other company, nobody here can possibly provide a helpful answer to that question. And even if all that information had been provided, you would run the risk of somebody slightly-better-positioned stealing your idea.

Here's a counter-question: why do you think you would be able to compete with them on price? If you have a good reason to think you can, then I'd say you have a chance, but if your reason is "Saas X just feels like it should be cheaper", do some more research.