Digital platforms have both technical and market attributes, but how they influence business model innovation in digital platform companies and the underlying mechanisms of new value creation remain unclear. A longitudinal single-case study is adopted to focus on the development practice process of Kingdee’s digital platform. Based on the business model innovation theory, the value creation mechanism of non-native digital platform enterprises was explored from two dimensions of technology and market. By dividing the development of digital platforms into construction, growth, and expansion stages, the case analysis reveals that the value creation mechanisms in these stages were characterized by market-driven and technology-supported lock-in business model innovation releasing channel value, technology-driven and market-following complementary business model innovation creating complementary value, and dual-driven technology and market complementary and novel business model innovation deepening ecosystem value. Overall, the research conclusions are deemed to enrich and expand the studies on business model innovation and value creation of digital platform enterprises, and provide references for traditional software firms in their transformation into digital platform ones.