iBasis Named New England's Fastest-Growing Emerging Technology Company for Second Consecutive Year

Extraordinary Growth Earns iBasis the #1 Rising Star Designation in

Deloitte & Touche's New England Technology Fast 50 Program

BURLINGTON, Mass.- October 15, 2001 - iBasis, the leader in advanced, Internet-based voice communications, today announced that it was named the fastest-growing emerging technology company in New England, as part of Deloitte & Touche's elite "New England Technology Fast 50" for 2001. iBasis' number one position in the Rising Star category is based on the company's 2,995% revenue growth from 1998-2000.

The Fast 50 program is a ranking of the fastest-growing technology companies in the region, and the Rising Star awards are based on three-year revenue growth (1998-2000). The program is presented by Deloitte & Touche and Hale and Dorr LLP, and sponsored in association with Mazonson, Nasdaq, Trinity Communications and Mass High Tech, The Journal of New England Technology.

"We are honored to have been cited by Deloitte and Touche for the second consecutive year as the fastest-growing technology company in New England, one of the world's most important centers of technology," said Ofer Gneezy, president and CEO of iBasis. "This award recognizes the revenue growth we have been able to achieve over the past three years in both Internet telephony and enhanced communications services, such as messaging and speech-enabled customer service solutions. Achieving large scale quickly is fundamental to a global communications network like iBasis. Moving forward, we are focusing our resources on complementing our top-line growth with strong bottom-line results, on enhancing the efficiency of our operations, and expanding our margins by increasing the traffic volumes and overall utilization of our global network."

"The Rising Stars are bringing exciting real-world solutions to the market, and have dramatically changed the way we do business in a very short time frame," said Steve DiPietro, co-chair of the New England Technology Fast 50 program and partner in the Technology and Communications practice at Deloitte & Touche. He added, "We at Deloitte & Touche commend them on their accomplishments."

To qualify as a 2001 Rising Star, companies must have had revenues of at least $50,000 in 1998 and $1,000,000 in 2000; may be public or private; and must be headquartered in the region. To be considered for an award, the company must produce technology, manufacture a technology product, be technologically intensive, use technology in problem-solving, or devote a high percentage of effort to the research and development of technology.

All nominees of the regional Technology Rising Star programs in North America are automatically entered in the Deloitte & Touche Technology Fast 500/Rising Star program, which ranks both the top 500 fastest-growing technology companies in North America, based on five-year revenue growth and the 25 fastest-growing Rising Stars, based on three-year revenue growth. For more information on the regional or national programs, visit www.fast50.com.

About Deloitte & Touche
Deloitte & Touche, one of the nation's leading professional services firms, provides assurance and advisory, tax, and management consulting services through 30,000 people in more than 100 U.S. cities. The New England Deloitte & Touche Technology & Communications provides strategic, financial, operational, and information technology assistance to the region's technology companies at every stage of development, from early-stage startups to multi-national corporations.

About Hale and Dorr LLP
Hale and Dorr LLP is a nationally preeminent high-technology law firm, with over 460 attorneys and offices in Boston, New York, Princeton, Washington, D.C., Reston, Va., and Waltham. The firm has a strong reputation for advising and guiding emerging growth companies, especially those in the software, telecommunications and biotechnology industries.

About Mazonson Inc.
Mazonson is a regional insurance brokerage and risk management firm specializing in developing and implementing risk management and benefits Programs for high growth companies.

About Nasdaq
The Nasdaq Stock Market lists over 4,300 companies and trades more shares per day than any other U.S. market. For more information about Nasdaq, visit the Nasdaq Web site at www.nasdaq.com or Nasdaq Newsroom at www.nasdaqnews.com.

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.

About Trinity Communications
Headquartered in Boston, Trinity Communications (www.trinitynet.com) provides creative integrated marketing communications services to clients in the financial, professional services, technology, health care, and community sectors. Capabilities include collateral systems, advertising, corporate identity, brand strategy, interactive, public relations, community affairs, and sales promotion.

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.