The purpose of this paper is to report the findings of a research conducted to evaluate the effect of e-learning experience on students' perceived learning outcomes, and more specifically the role of motivation and collaboration as moderators between the e-learning experience and the learning outcome. The perceived learning outcome was measured with whether the students perceived to learn more in e-learning vis-a-vis traditional learning context. The participants came from an undergraduate course at Tamk University of Applied Sciences in Tampere, Finland. The Biggs and Moore learning model indicates that the process variables (motivation and collaboration in this study) have a mediating role. It was found out in this study, however, that these process variables have a moderating role rather than mediating role. Specific recommendations for the practitioners are provided, and implications for educators are discussed. Finally suggestions for further research on e-learning are provided. (Contains 4 tables and 1 figure.)