Digital platforms have made their way to the mainstream state-of-the-art of many disciplines, propelled by their adoption across multiple industries. In the case of digital industrial platforms, the peculiarities of the industrial environments emphasize the iterative dynamics of cooperation and competition with complementors. By adopting a sociotechnical perspective that focuses on the interplay between platform owners and complementors, we explore how boundaries between complementors, and platform owners impact the transformation and evolution of platforms. We further conceptualize how the different phases of a digital industrial platform lifecycle follow recurring novelty cycles and how these are influenced by the alternance of collaborative and competitive boundary work with complementors. Leveraging this conceptualization provides a perspective on ecosystem governance focused on platform evolution. We use this conceptualization to explore how key performance indicators from a boundary object perspective serve to understand the need for new novelty cycles and guide the new functionalities that should be targeted. Finally, future avenues for research based on this conceptualization are suggested.