Learning management systems (LMS) have been proven to encourage a constructive approach to knowledge acquisition and support active learning. One of the keys to successful and efficient use of LMS is how the stakeholders adopt and perceive this learning tool. The present research is therefore motivated by the importance of understanding teachers' and students' perceptions of LMS in order to anticipate possible issues (problems) and help to build a productive learning environment and a committed user community. The paper looks at this process at a Russian university (National Research University Higher School of Economics-HSE) where the system is being implemented and examines the following issues: qualification and readiness of the stakeholders to use LMS and their perceptions of the system's convenience, effectiveness, and usefulness. The research reveals remarkable divergence of students' and teachers' perceptions of various aspects of LMS which must be considered when raising the effectiveness of the system and building commitment to e-learning. They are analyzed and explicated in the present paper.