Robertson Stephens Initiates Coverage of IBAS with a Buy Rating
Business Editors
SAN FRANCISCO--(BUSINESS WIRE)--Dec. 6, 1999--Robertson Stephens
Senior eCommerce Analyst Rick Juarez today initiated coverage of
iBasis, Inc. (NASDAQ:IBAS), with a Buy rating. iBasis is a first-mover
CSP of high-quality, wholesale VoIP telephony services to carriers and
other communications providers.
"We are initiating coverage of iBasis with a Buy rating," said
Juarez. "In our view, iBasis is very well positioned to capture a
meaningful share of the worldwide IP telephony market, which is
expected to grow at a 108 percent compound-annual-growth-rate to $18.7
billion by 2004, according to IDC. Paralleling this growth trajectory,
we expect iBasis revenues to grow from $17 million in fiscal 1999 to
$40.3 million in fiscal 2000."
"In our view, the open, scalable and standards-based architecture
allows fast deployment of services to new countries and enables the
company to offer value added services over the network quickly and
cost effectively," said Juarez. "iBasis is currently one of the only
toll quality, Tier 1 VoIP carriers - this capability enables the
company to win business from Tier 1 carriers like MCI Worldcom."
"In addition, we believe that the company's recently announced
agreement with Bell Atlantic, enabling iBasis to terminate to Bell
Atlantic facilities is indicative of its industry-leading VoIP
solution," said Juarez.
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