It is a decisional business case study. The decision is about the process of internationalization of NETEX, an organization that develops e-learning solutions.The case shows the steps taken by the team led by Carlos Ezquerro, general director of NETEX, from the creation of the company in 1997 until the summer of 2014. NETEX's growth model is based on internal growth, at the pace of other investors and financial support, which was limited by the economic crisis of 2008.The case is described from the point of view of Carlos Ezquerro, founder and director of NETEX, along with some other comments from Ricardo Álvarez, director of internationalization of the firm.The learning objective for the students is to analyse the decisions to be taken by considering the history of a company that is very clear about its objectives and its positioning strategy, but that has several alternatives in its internationalization model