The goal of Enterprise 2.0 is to create a collaborative work environment and facilitate knowledge sharing. However, organisations report both increases and decreases in productivity associated with Enterprise 2.0. The focal qualitative case study adopts the social capital approach as a theoretical lens to provide a holistic account of Enterprise 2.0. The study reveals the multilevel and multifaceted nature of Enterprise 2.0 and shows how it associates with individual employees' behaviours, their mutual work- and non-work-related relationships and knowledge sharing patterns, as well as managerial processes. Thus, the study continues and contributes by going beyond the mere operational use and benefits of Enterprise 2.0, and approaches it as a holistic socio-technical phenomenon that largely intertwines with organisational realities and strategic management. Furthermore, the study provides a discussion on Enterprise 2.0 as a driver of social change, and what kind of managerial action and involvement is required for its success.