Pervasive digitization and complex business challenges encourage companies to collaborate, build innovative digital solutions, and cocreate IT value in multi-firm environments. Despite much research extensively focused on the outcome of value cocreation, emphasizing the concept of cocreating with customers, what remains under-investigated is the ‘process’ of IT value cocreation in digital platform ecosystems with customers, partners, and competitors. This research investigates what are the key processes of IT value cocreation in digital platform ecosystems. We draw on dynamic capabilities theory to examine value cocreation in two digital platforms to tease out key processes of IT-based value cocreation in multi-firm, complex environments. We advance a theoretical framework that helps us understand how firms manage the IT cocreation journey by sensing, seizing, and reconfiguring competencies to address rapidly changing environments. This research provides an emerging model and theoretical insights into extant literature about the nine processes involved in IT value cocreation in digital platform ecosystems, also opening up new avenues for future research.