Research on strategic alliances and coopetition has generated numerous contributions on the sources of paradoxical tensions and on the mechanisms for managing these tensions. These academic contributions have largely examined the dynamics of inter-organizational relations. However, despite the scientific interest in better understanding the evolution and management of internal and external coopetitive tensions, the question of understanding these interactions by examining the intertwining of competitive and cooperative, internal, and external tensions remains little explored to date. Based on a case study of a strategic alliance in the technology sector over the analysis period 2015–2017, this study aims to answer the question of how internal and external coopetition influence each other. To do this, we propose a conceptualization of the intertwining, or imbrication, of internal and external coopetition by highlighting the objects of imbrication, the forms in which it is revealed, and the mechanisms for managing it. This study provides an understanding of the concepts involved, aims to generate a fruitful dialogue, and feeds into future studies on the paradoxes