iBasis President and CEO Ofer Gneezy
Honored as 2001 New England
High Tech All-Star

Leader of Voice Services Firm Cited by
Mass High Tech for Impact on the
Telecommunications Industry

BURLINGTON, MA - October 31, 2001 - iBasis, Inc., (Nasdaq: IBAS), the leader in advanced Internet-based voice communications, today announced that its president and CEO, Ofer Gneezy, has been selected as a 2001 New England High Tech All-Star by Mass High Tech, the Journal of New England Technology. Mass High Tech presents its All-Star awards to seventeen New England technology industry leaders, each representing a different technology category, in recognition of leadership and achievement. Mr. Gneezy's award is for Telecommunications Services.

"I am honored to be selected by Mass High Tech as one of this year's All-Stars," said Ofer Gneezy, president and CEO of iBasis. "This award recognizes the impact iBasis continues to have in leading the migration from traditional voice transport to VoIP that is already well underway in international telecommunications. We are riding the wave of the sea change that is transforming the 100-year old phone business from the inside out, using the Internet to carry millions of minutes of ordinary international phone calls every day for the world's largest carriers. I am pleased to share this citation with my co-founder Gordon VanderBrug and the entire team here at iBasis."

Gneezy is being recognized as an All-Star for his success in harnessing the power of the Internet to change global telecommunications. Under Gneezy's leadership, in less than five years, iBasis has become one of the top ten US-based international carriers, providing wholesale global Internet telephony services to more than 120 international carriers in more than 80 countries. The iBasis Network provides international service for the world's largest carriers, including AT&T, Sprint, WorldCom, Cable & Wireless, China Unicom, China Mobile, NTT, Telstra, and Telefonica.

"In New England's high tech world, the Mass High Tech All-Stars are those people who set the bar that much higher and keep this region a center of innovation," said Mike Olivieri, publisher of Mass High Tech. "It is a pleasure to honor outstanding individuals such as Ofer Gneezy for their achievements, and Mass High Tech wishes them further success....success that's sure to benefit everyone."

The Mass High Tech All-Star program honors New Englanders who have made significant impacts in their chosen technical fields. Awards were given in seventeen categories, including Multimedia, Software, the Internet, Biotechnology, Hardware, Medical Devices, Electronics, Education, Telecommunications Equipment, and Telecommunications Services.

About Mass High Tech
Mass High Tech, The Journal of New England Technology is a weekly technology journal serving the executives and management-level engineers of New England's innovation and technology industries, offering perspective and analysis of the technology news that constantly comes at its readers from many different sources. Mass High Tech searches out the innovative technologies and companies working on the leading-and 'bleeding'-edge, reporting on their work and its marketplace applications before they make mainstream business news. Mass High Tech combines business and technology reporting by exploring and explaining the ideas behind a company. Rather than simply reporting about devices, it seeks out the people who move their products from the workbench to the marketplace. Mass High Tech's commitment to focusing on people, technology, innovation, and business sets it apart from other publications in New England. Mass High Tech is available on the World Wide Web at http://www.masshightech.com.

About iBasis
Founded in 1996, iBasis (Nasdaq: IBAS) is the leader in advanced Internet-based voice communications. iBasis delivers toll quality international voice services and provides the infrastructure for hosted communications solutions, including messaging and speech-enabled content, e-commerce and customer service applications. The company's customers include many of the largest enterprises and carriers in the world, including AT&T, Cable & Wireless, China Mobile, China Unicom, Concert, ExxonMobil, Gannett, H&R Block, Home Shopping Network, Morgan Stanley, NTT, Telstra, Sabre Group, Sprint, Western Union, WorldCom, and Verizon. iBasis' hosted, enhanced service solutions include SpeechPort^TM, a scalable, customizable ASP environment for speech-enabled business solutions, VoCore^SM messaging and the IP CallCard^TM pre- and post-paid calling card platform. The iBasis Network is the world's largest international Cisco Powered Network for Internet Telephony. iBasis is listed in both the Russell 2000® and Russell 3000® Indexes. The company can be reached at its worldwide headquarters in Burlington, Mass., USA at 781-505-7500 or on the Internet at http://www.ibasis.com .

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iBasis is a registered trademark, VoCore is a service mark, The iBasis Network, IP CallCard, and SpeechPort are trademarks of iBasis, Inc. or its subsidiaries. Cisco and Cisco Powered Network are registered trademarks of Cisco Systems, Inc. All other trademarks are the property of their respective owners.