Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from [Tom Erhlich – RBC Capital Markets]
[Tom Erhlich – RBC Capital Markets]
Regarding the business tone recovery that you are seeing. Could you provide us with a little bit more color on how you’re seeing the sales cycle and decision making in the big banks and perhaps your other customers and how do you see the back drop changing?
Reuven Ben-Menachem
The quarter we have signed extension to contracts with our larger banks and we added the Bank of America as a customer. The sales cycle with Bank of America was six to nine months, relatively short.
The deals we did with our existing banks were deals that were on hold due to the crisis and as banks started to feel the recovery, these orders were given to us. So we didn’t see a real sales cycle. These were discussed before the crisis, but were put on hold and released in the last few months.
[Tom Erhlich – RBC Capital Markets]
Regarding the solo architecture product, first could you give us, quantify to us how does this expand your market share and in addition could you let us know if any of your competitors have a similar product?
Reuven Ben-Menachem
The picture, the focus was written the last couple of years, three years I would say. It allows us to get into a new market that is called the payment hub market and some analysts are convinced that the market will go into this direction and some have quantified 60 sales in the next few years. So it’s a new large market.
We have a couple of competitors that claim that they have similar technology but we have been in bids and we believe that the technology that we are coming out to market with, which is just two or three old, and our competitors had this technology in the market more years before we did, is the best technology in the market and we believe that we will continue with our leadership also in the payment hubs market.
Operator
Your next question comes from John Kraft – DA Davidson.
John Kraft – DA Davidson
Congrats on locking in Bank of America. On that contract though, you said they would be using GPP to improve their cash managements but you also sort of suggested that they may at some point be looking to just do a complete replacement. Did I hear you right?
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