The establishment of partnerships and interoperability networks between organizations has resulted in new areas of mutually built value and innovation. These relationships have greatly benefited from the development of Information and Communication Technologies (ICT), particularly with the development of technological platforms that allow the promotion and management of these partnerships. This dynamic between organizations to create and provide their products and services, is consistent with the notion of an ecosystem. The mobile ecosystem is a practical example of a system development based on partnerships. In particular, the Machine-to-Machine (M2M) has been evolving tremendously over the past few years, making it an ideal setting to study the dynamics of value and/or innovation co-creation. The present study was conducted with a European telecommunications company and one of its business partners based on a M2M platform. Semi-structured interviews were conducted with key informants of both companies in order to determine the existence of the above mentioned co-creation dynamics. Findings show that, at the partner side, the platform has allowed the development of procedural innovations and cost reduction and at the platform owner’s side, the capture of part of the value obtained by these benefit. Future studies could monitor the platform’s evolution and extend the study to other entities operating in this ecosystem in order to complement and confirm those results. Keywords: Co-creation of Value; Co-creation of Innovation; Technological Platforms; Mobile Ecosystems; M2M.