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Cyber security specialist Zyber completes RTO
3 minute read
Dourado Resources (ASX:DUO), the former ASX-listed resources company, has completed its reverse takeover (RTO) of cyber security start-up Zyber Secure Mobile Solutions in an-share deal worth approximately A$3 million at current market prices.
To complete the takeover, DUO has issued a total of 111,959,980 fully paid ordinary shares to Zyber shareholders as well as 88,086,902 exchangeable shares in the capital of DUO’s Canadian subsidiary (Newco) and 29,920,000 options with an expiry date of 31 October 2019.
The merged entity is attempting to capture a slice of an expected multi-billion dollar online security market that includes cloud-based data sharing, device security and live file sharing, thereby taking on the likes of Dropbox, OneDrive and Google Drive in the process.
However, Zyber intends to focus on corporate and enterprise clients to start with. Three significant beta test customers are already trialing Zyber’s technology this quarter, and Zyber expects to “fully deploy its technology with an existing customer” later this year. Zyber says that it hopes generate revenues later this year from “sales of its Stage 2 SFS technology” by Q3 2016, focusing on “commercial offerings” aimed at large enterprises and institutional clients.
Cyber duo on Zyber’s team
As part of the corporate takeover, ZYB welcomes two key Management figures into the fold to progress the company’s growth and expansion.
Mr. Clay Epstein and Mr. Jason Tomkinson were appointed as directors of Dourado and will continue developing Zyber going forward.
Mr. Epstein was the VP and Technical Manager at Bank of America responsible for the bank’s global Public Key infrastructure and Cryptography Engineering group. He was also Head of eCommerce Technologies for ANZ, helping one of Australia’s largest banks secure its web infrastructure, internet banking and payment processing systems.
Jason Tomkinson is a capital markets professional with extensive experience in venture capital including raising start-up capital, secondary offerings, business risk assessment and market strategy. Prior to joining Zyber, Mr. Tomkinson was an investment adviser at Macquarie Group, specialising in growing new businesses with venture capital. His expertise is likely to assist Zyber as it begins its life on the ASX having raised “several hundred million dollars” of venture capital for both public and private companies in the technology, biosciences and oil & gas sectors.
Mr. Tomkinson is also termed as a “Chief Evangelist”, a fairly new term used in Silicon Valley, California to describe a person who builds up support for a given technology, and then establishes it as a standard in the given industry.
The first person to coin the term ‘evangelist’ within a commercial company was Guy Kawasaki, Apple’s enigmatic thought and product leader who helped Apple design its entire Macintosh product line in the 1980s.
With the RTO deal now complete, Dourado’s ticker code will be imminently changed to ZYB, and reinstated for trading on the ASX within the coming days.