Value Stream Mapping is one of the several Lean practices, which has recently attracted interest in the software engineering community. In other contexts (such as military, health, production), Value Stream Mapping has achieved considerable improvements in processes and products. The goal is to also leverage on these benefits in the software intensive product development context. The primary contribution is that we are extending the definition of waste to fit in the software intensive product development context. As traditionally in Value Stream Mapping everything that is not considered valuable is waste, we do this practically by looking at value beyond the customer perspective, and using the Software Value Map. A detailed illustration, via application in an industrial case at Ericsson AB, demonstrates usability and usefulness of the proposed extension. The case study results consist of two parts. First, the instantiation and motivations for selecting certain strategies have been provided. Second, the outcome of the value stream map is described in detail. Overall, the conclusion is that this case study indicates that Value Stream Mapping and the integration with the Software Value Map is useful in a software intensive product development context. In a retrospective the value stream approach was perceived positively by the practitioners with respect to process and outcome.