MeetingZone Selects iBasis ConnectPoint Global Access for International Expansion

European Conferencing Service Provider Connects Customers Around the World to UK-based Conferencing Bridges via The iBasis Network

BURLINGTON, MASS. - March 24, 2003 - iBasis, Inc. (OTCBB: IBAS), the leader in Internet-based voice communications, today announced that the European audio and web conferencing service provider MeetingZone, based in Oxford, UK, has selected iBasis to provide international access and call completion services. The iBasis Network will connect MeetingZone's audio conferencing customers around the world to its UK-based conference bridges.

According to market research firm IDC, the audioconferencing market is projected to grow from $1.8 billion in 2000 to $7.5 billion in 2005. In partnering with iBasis, MeetingZone is able to take strategic advantage of the benefits of a global VoIP network in expanding its service to multiple international markets.

"Our customers are companies with an international presence, so calls often include participants from around the globe. iBasis' advanced VoIP infrastructure enables us to offer these people local or toll-free dial-in numbers in their country. So it becomes even more cost-effective and convenient for them to use us," said Steve Gandy, director of operations of MeetingZone. "And in the longer term, it will give us a basis for exporting our business model to other geographic markets."

iBasis ConnectPoint^® Global Access

MeetingZone is using iBasis' advanced VoIP infrastructure through iBasis' new ConnectPoint Global Access service. ConnectPoint enables 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 and the world's first carrier-class switchless network for VoIP. The iBasis Network uses the Internet to provide international call quality that is indistinguishable from traditional PSTN-based calls. As a result of its network quality, iBasis has become one of the 15 largest carriers of international telephone calls and was ranked by other carriers as the #1 international wholesale carrier in the 2003 International Wholesale Carrier Report Card published by the Atlantic-ACM industry analyst firm.

"Through our ConnectPoint offering, our advanced VoIP infrastructure enables us to pursue sources of traffic beyond the traditional wholesale international long distance market," said Ofer Gneezy, president and CEO of iBasis. "We're very excited to be working with an innovative service provider like MeetingZone, who is well positioned for rapid growth in Europe, the U.S., and other parts of the world. With ConnectPoint, iBasis is also well positioned to benefit from this rapidly growing market."

About MeetingZone

Based in Oxford, UK, MeetingZone offers businesses and private users a low-cost audio and web-conferencing service, enabling them to hold conferences without prior reservation and fully manage their accounts online. MeetingZone was formed in 2002 by Steve Gandy and Tim Duffy, who collectively have over 30 years of experience in the technology and telecoms sector and identified the opportunity for a fresh and new approach to conferencing. MeetingZone utilizes technology which is proven and dependable, working with companies such iBasis, Octave, Metratech, IXEurope, and Cable & Wireless.

About iBasis

Founded in 1996, iBasis (OTCBB: IBAS) is a leading provider of wholesale international telecommunications services. Each of the last two years iBasis has been ranked by service providers as the best international wholesale carrier in Atlantic-ACM's annual International Wholesale Carrier Report Card. iBasis is a preferred provider 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 NetworkTM, is the world's largest international Cisco Powered NetworkTM for Internet Telephony. Based on its revenue growth from 1997 through 2001, iBasis was ranked 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.

###

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.