This paper investigates the role of related alliance experience and information technology in value creation through strategic alliances. Past research has shown that alliance experience is an important antecedent of the value of an alliance. Built on the existing literature on alliance experience, this study highlights the importance of relatedness in alliance experience and examines how various kinds of related experience affect value creation differently. This study also looks at IT-enabled knowledge management capability and proposes a moderating effect on value creation in alliances. Using abnormal returns as the measure for value gains in alliances, this paper finds evidence of the different effects on value creation of related experience as well as the interaction effect of alliance experience and IT-enabled knowledge management capability.