The study investigates the applicability of Value Stream Mapping in a specific software development context through a case study. Practically this is done by a transformation of some fundamental lean concepts from production systems into their counterparts in the software development environment. The proposed transformation is experimented by means of a case study in an ICT company in Sweden. The value stream of two software components are studied by applying the lean tool Value Stream Mapping and the results indicate that the lean tool of Value Stream Mapping is applicable to the software development context with the aim of decreasing wastes and improving the efficiency of the value streams.