The COVID-19 pandemic has forced the digitalization of the majority of universities, prior to which they were largely operating using face-to-face modes of learning. Increased competition in the digital environment places universities under greater pressure to offer an innovative learning experience. The purpose of this paper is to understand the effects of the sudden pandemic on the ongoing process of digital transformation (DT) and how the learning value proposition of higher education institutions (HEIs) has been affected. The research is based on a single case study of a born digital university, focusing on the changes made to the learning value proposition, and particularly to the multimode learning offer. The paper uncovers the relation between multimodality and customized and personalized learning, all of which are dependent on the use of digital educational technology. The originality of this paper is its longitudinal look at a single case, observing how the significant DT process already underway prior to the pandemic has been impacted by it, accelerating the process, and clarifying the envisaged post-pandemic future for HEIs. Another distinctive aspect is the consideration of the learning proposition as a core element and part of a larger and interdependent value proposition within the overall HEIs business model.