iBasis SpeechPortTM Wins Communications Solutions Magazine Product of the Year

Speech-Enabled Customer Service Solution Recognized For Key Role in the Advancement of Voice/Data Convergence

BURLINGTON, MA - January 2, 2002 - iBasis, Inc., (Nasdaq: IBAS), the leader in advanced Internet-based voice communications, today announced that its SpeechPort^TM ASP environment has been awarded the 2001 Product of the Year by Communications Solutions^® Magazine. Chosen by the magazine's editors and the engineers of TMC LabsTM, the award honors innovative products and services that have advanced the state-of-the-art of converged voice and data solutions.

iBasis SpeechPort is an ASP environment that helps enterprises and carriers grow revenues and enhance customer loyalty and satisfaction with automated, phone-based customer self-service applications. As an outsourced, hosted solution, iBasis SpeechPort enables organizations to minimize the operating and capital costs of phone-based self-service applications, while maintaining tight control over mission- critical data and systems. SpeechPort supports rapid application development with speech recognition, text-to-speech, and extensive back-end integration capabilities. iBasis Speech Solutions has more than a decade of experience providing complex, high-volume customer care applications to Fortune 500 companies including AT&T, Kelly Services, Home Shopping Network, H&R Block, MCI, Morgan Stanley, and Western Union.

"We are extremely pleased that Communications Solutions has recognized iBasis with its Product of the Year award," said Ofer Gneezy, president and CEO of iBasis "Our success is the direct result of listening to our customers, who are among the most demanding in the world. We understand that speech-enabling customer self-service is not just about reducing costs - it's about improving customer relationships and increasing lifetime customer value"

The Communications Solutions Product of the Year award program helps readers and their organizations identify today's best-of-breed technologies, services, and solutions. According to TMC president and group publisher, Rich Tehrani, "As the industry matures, we're finding more than just products and services on the market -- entire solutions are being offered. We are pleased to honor the Product of the Year winners today, as they lay the groundwork for the next generation of communications solutions."

About TMCTM
Since its inception in 1972, Technology Marketing Corporation (TMCTM) has produced industry-leading trade magazines and events focused on technology and telecommunications, and dedicated to providing information and educational insight about industries that have received little journalistic representation. TMCTM reaches the market through print media, conferences, tradeshows, e-newsletters and an information portal via the Internet and wireless Web. In-depth education, coupled with the respected product reviews of TMC LabsTM, are what set TMCTM publications and conferences apart from its competitors. For more information about TMCTM, visit www.tmcnet.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, H&R Block, Home Shopping Network, Morgan Stanley, NTT, Telefonica, Telecom Argentina, Telenor, 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 CallCardTM 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 www.ibasis.com .

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Assured Quality Routing and iBasis are registered trademarks, VoCore is a service mark and iBasis, The iBasis Network, Internet Central Office, Internet Branch Office, IP CallCard, SpeechPort, IPort, and PriceInteractive 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.

Except for historical information, all of the expectations, projections and assumptions contained in the foregoing press release, including those relating to the company's current expectations regarding revenue growth, sources of revenue, margin improvement and future capital expenditures constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties. Important factors that could cause actual results to differ materially from such forward-looking statements include, but are not limited to, (i) the extent of adoption of the company's voice-based Internet services and the timing and amount of revenue generated by these services; (ii) fluctuations in the market for and pricing of VoIP services; and (iii) the other considerations described as "Risk Factors" in iBasis' Annual Report on Form 10-K for its fiscal year ended December 31, 2000, and the company's other SEC filings.