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.
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.