New technologies, notably service oriented architectures and Web services, are enabling a third wave of business process management (BPM). Supporters claim that BPM is informed by complexity theory and that business processes can evolve and adapt to changing business circumstances. It is suggested by BPM adherents that the business/IT divide will be obliterated through a process-centric approach to systems development. The evolution of BPM and its associated technologies are explored and then coevolutionary theory is used to understand the business/IT relationship. Specifically, Kauffman¿s NKC model is applied to a business process ecosystem to bring out the implications of coevolution for the theory and practice of BPM and for the relationship between business and IT. The paper argues that a wider view of the business process ecosystem is needed to take account of the social perspective as well as the human/non-human dimension.