iBasis Named Eighth Fastest Growing Technology Company in North America in Deloitte & Touche Fast 500 Program

iBasis Five-year Revenue Growth Exceeded 100,000%

BURLINGTON, MASS. - October 16, 2002 - iBasis, Inc., (NASDAQ: IBAS), the leader in Internet-based voice communications, today announced that it has been ranked the #8 fastest growing technology company in North America in Deloitte & Touche's prestigious "Technology Fast 500" Program. The annual Technology Fast 500 program is a ranking of the 500 fastest growing technology companies in North America. Rankings are based on the percentage revenue growth over five years, from 1997 through 2001. Over that period iBasis achieved revenue growth of more than 105,000 percent. The average increase in revenues among companies in the Fast 500 was 6,772 percent.

In addition to achieving its top-ten national ranking, iBasis ranked #1 in the New England regional Technology Fast 50. iBasis has received a regional #1 ranking from the Technology Fast 50 program for three consecutive years. Based on revenues for periods ending in 1999 and 2000, the company was ranked the #1 "Rising Star" among New England technology companies with three to five years of revenue history. This is the first year iBasis has qualified for the Fast 50 ranking.

"While the whole communications sector has been under great pressure recently, the fact that we were able to sustain rapid growth rates over the five year period from 1997 through 2001 is indicative of substantial market demand for our services," said Ofer Gneezy, president and CEO of iBasis. "Also, having two wholesale VoIP providers, iBasis and ITXC, among the ten fastest-growing technology companies in North America is further validation of VoIP technology as the network platform of the future for telecommunications. We're very pleased to be acknowledged in this way, and I congratulate all the other Fast 500 companies on their achievement."

Fast 500 Selection and Qualifications

The Fast 500 list is compiled from three sources: Deloitte & Touche's 20 regional North American Fast 50 programs, nominations submitted directly to the Fast 500, and public company database research. To qualify for the Fast 500, companies must have had 1997 operating revenues of at least US$50,000 and CD$75,000, for United States and Canada respectively, must be public or private companies headquartered in North America, and be "technology companies" defined as companies that own proprietary technology that contributes to a significant portion of the company's operating revenues or devote a high percentage of effort to research and development of technology.

About iBasis

Founded in 1996, iBasis (Nasdaq: 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, Concert, Sprint, Telefonica, Telenor, Telstra, and WorldCom. The company's global VoIP infrastructure, The iBasis NetworkTM, spans more than 85 on-net countries and is the world's largest international Cisco Powered NetworkTM for Internet Telephony. 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.

###

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; (iii) potential inability of the company to maintain its NASDAQ listing; and (iv) the other considerations described as "Risk Factors" in iBasis' Annual Report on Form 10-K for its fiscal year ended December 31, 2001, and the company's other SEC filings. We have no current intention to update any forward-looking statements.