Zyber is not in blockchain yet, isn’t a shell, and is moving ahead again with the Dropbox-like technology it introduced to the ASX two years ago.

New director George Hatzipapas — who has taken control of the business and spent the last few weeks in Canada and the US reviewing the company’s operations — told Stockhead he plans to build the business on the back of its existing, secure, file-sharing software but are looking at opportunities in the blockchain space.

The decision comes as Dropbox enjoyed a successful float on the Nasdaq  over the weekend, surging as much as 44 per cent in its US trading debut on Friday for a value of $US11.03 billion ($14.3 billion).

After a weak 2016, the global tech IPO market rebounded in 2017, with the second-highest number of listings and third-most cash raised in the last decade, reports PricewaterhouseCoopers.

Mr Hatzipapas said Zyber had enough cash to bring its software product to market — and would not need to raise money from shareholders.

Zyber will be conducting a roadshow in the next few months to explain the company’s direction.

Zyber (ASX:ZYB) shares have been drifting this year on the back of rumours about blockchain and other acquisitions.

Zyber was subject to huge levels of speculation during the 'blockchain boom' over Christmas that it was a possible reverse takeover opportunity. That belief was shattered in January with the exit of a key director.
Zyber was subject to speculation of a reverse takeover in a ‘blockchain boom’ over Christmas.

The company put out statements in October and November that it was “continu[ing] to review new commercial opportunities both within the cyber security space and in other sectors”.

Mr Hatzipapas, an early investor in Victoria Petroleum, now Senex (ASX:SXY), was attracted to the business because of its cybersecurity application.

He and his wife Argiroula controlled a total of 19.68 per cent of the company through two different entities.

Mr Hatzipapas controls Dyamond Developments, which own 0.77 per cent.

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Mrs Hatzipapas separately controls Gaks Investments Holdings, which was rapidly building a stake in Zyber of 18.9 per cent since just before Mr Hatzipapas was appointed as a director.

Mr Hatzipapas says he is not involved with his wife’s investments.

By June last year Dyamond Developments was the largest shareholder in Zyber, and Gaks was number two.