Despite extensive efforts to demonstrate the capabilities of the IT service to create value, existing frameworks only partially address the complex nature of IT value creation. Most research in the IT service area focuses on individual and micro-level interactions and practices and overlooks the importance of a holistic and systematic view of understanding value co-creation. This research addresses this gap by exploring IT service value co-creation from a “service ecosystem” perspective, considering value co-creation, co-destruction and service well-being. This research-in-progress paper presents the preliminary literature review and elaborates on the study design and research setting. In the future, we will conduct an interpretive case study with a grounded theory approach to investigate how value can be co-created in a multi-level IT service ecosystem that has barely been explored.