iBasis ConnectPoint Global Access Service Named Product of the Year

Product Brings VoIP Advantages to Providers of Audioconferencing, Pre-paid Calling Cards and Outsourced Call Centers

BURLINGTON, MASS. - December 16, 2002 - iBasis, Inc., (OTCBB: IBAS), the leader in Internet-based voice communications, today announced that its ConnectPointTM Global Access service received Product of the Year honors from the editors of Technology Marketing Corporation's (TMCTM) INTERNET TELEPHONY® magazine the premier publication in the rapidly growing IP telephony industry. Launched in early 2002, ConnectPoint Global Access enables providers of enhanced communications services, such as audioconferencing and pre-paid calling card services, as well as call center outsourcing firms to expand their international business without investing in new infrastructure or paying high international telecommunications rates.

iBasis ConnectPoint Global Access

ConnectPoint offers a cost-efficient alternative to expensive International Toll Free Service (ITFS) by enabling providers of enhanced services to allow their customers to access their services using local phone numbers or national toll-free numbers in major markets around the world. Calls are transported over The iBasis Network, the world's largest international Cisco Powered Network for Internet Telephony. The iBasis Network uses the Internet to provide toll-quality international voice services. As a result of its network quality, iBasis has become one of the world's largest carriers of international telephone calls and was ranked by other carriers as the #1 international wholesale carrier in the 2002 International Wholesale Carrier Report Card published by the Atlantic-ACM industry analyst firm.

"ConnectPoint is a natural extension of our advanced VoIP infrastructure and voice quality management capabilities. It delivers real business value for our customers by helping them to expand into new markets efficiently, and it enables us to pursue sources of traffic beyond our traditional wholesale international long distance market," said Rick Genter, vice president of Enhanced Network Services at iBasis. "We're very pleased to be recognized by Internet Telephony magazine."

INTERNET TELEPHONY editors reviewed more than 150 applications for the honor, before selecting the companies which in their view demonstrate the vision, leadership and attention to detail that are the hallmarks of Product of the Year award winners.

About iBasis

Founded in 1996, iBasis (OTCBB: IBAS) is a leading provider of wholesale international telecommunications services to large carriers and other service providers worldwide. Named by service providers as the #1 international wholesale carrier in Atlantic-ACM's 2002 International Wholesale Carrier Report Card, iBasis is a preferred provider of international voice services for many of the largest carriers in the world, including AT&T, Cable & Wireless, China Mobile, China Unicom, Sprint, Telefonica, Telenor, Telstra, and WorldCom. The company's global VoIP infrastructure, The iBasis Network, spans more than 90 on-net countries and is the world's largest international Cisco Powered NetworkTM for Internet Telephony. Based on its revenue growth from 1997 through 2001, iBasis was named the #8 fastest-growing technology company in North America and the #1 fastest-growing technology company in New England in the Technology Fast 500 national program sponsored by Deloitte & Touche. The company can be reached at its worldwide headquarters in Burlington, Massachusetts, USA at 781-505-7500 or on the Internet at www.ibasis.com.

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Assured Quality Routing and iBasis are registered marks, The iBasis Network, Internet Central Office, Internet Branch Office, ConnectPoint Global Access, and IP CallCard are trademarks of iBasis, Inc. 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 services and the timing and amount of revenue generated by these services; (ii) fluctuations in the market for and pricing of these services; and (iii) the other considerations described as "Risk Factors" in iBasis' most recent Forms 10-K and 10-Q, and the company's other SEC filings. We have no current intention to update any forward-looking statements.