This paper explores the role of knowledge and learning in the internationalisation process of a small, professional service firm. It investigates the relationship between key dimensions of knowledge, organisational learning, and knowledge leverage mechanisms and internationalisation. Our findings reveal internationalisation appears most influenced by internal, tacit knowledge. The firm's ability to learn via depth and diversity of employee's experience is moderated by the efficiency of the mechanisms that enable application of knowledge to further internationalisation. This is an interactive, iterative process that builds organisational wisdom.