A system and method for extracting a platform independent model (PIM) from the existing implementation artifacts of a composite application via an intermediary platform specific model (PSM) using model-driven transformations. Meta-models for the PSM and PIM are prepared and mapping rules are specified therebetween. The mapping rules can be created manually or derived automatically via ontology mapping techniques. Once specified, model driven transformations that codify the mapping rules generate the PIM which may include the structural, behavioral and user experience models of the composite application. To enhance the reusability of the extracted PIM, a business level service model along with a service dependency model is generated rather than IT level classes. These higher levels of abstraction enable the models to be linked with business objectives, which is important for companies to understand and maintain their service portfolios.