March 31 (Bloomberg) -- GFI Informatique SA, the French computer-services company that made its latest acquisition in Canada last week, is considering the sale of its Canadian business to focus on its European operations.

Paris-based GFI, which on March 23 announced the purchase of Canada’s Forstum Business Solutions, is also considering spinning the business off through a stock listing, Chief Executive Officer Vincent Rouaix said in an interview. No decision has yet been made on these operations, he said.

“In this environment, you want to keep all your options open,” said Rouaix, who took the helm of GFI this month, replacing Jacques Tordjman. “In Canada we have assets for which we can now obtain a valuation.”

GFI, which builds networks and provides consulting services for clients such as BNP Paribas SA and Telefonica SA, is feeling the pinch as companies pare spending amid the recession. ArcelorMittal, the world’s biggest steelmaker, will have billings of as little as 800,000 euros ($1.1 million) with GFI this year, compared with about 2 million euros last year, said Rouaix, 49, who previously was the head of GFI’s French operations.

The company, which in 2007 avoided a hostile bid from Japan’s Fujitsu Ltd. and last year failed to merge with French computer maker Bull SA, made three acquisitions in Canada over the past 12 months. Canada accounted for 4.7 percent of total revenue in 2008. GFI has a presence in other countries, including Spain, Portugal and Italy.

Shares Decline

GFI climbed 6 cents, or 2.7 percent, to 2.27 euros in Paris trading. The shares have fallen 44 percent over the past year, giving the company a market value of 123 million euros.

Selling its Canadian assets, which are based in French- speaking Quebec, may make sense for GFI, says Brice Thebaud, an analyst at Aurel BCG in Paris. He has a “sell” recommendation on the stock.

“There are few or no synergies at all between GFI’s Canadian business and its European operations,” Thebaud said in a phone interview. “Clients aren’t that interested in having platforms in Canada because of the different time zone. It would be better for them to focus on France and Europe.”

France Telecom

GFI is in discussions with France Telecom SA, its biggest client, over a platform of services from Canada, Rouaix said. France Telecom, which represented 7 percent of GFI’s revenue last year, “is interested” in such a platform because of the language closeness, he said. GFI began expanding in Canada in 2004 as it sought a gateway to the U.S. market, he said, adding that the company no longer has plans to grow in the U.S.

“Southern Europe remains the center of our business,” Rouaix said.

The French company isn’t planning other purchases in the first half of 2009, he said. It wants to grow further in France, Spain and Portugal in the years to come, he added. Bull remains a partner but there now are no talks for a tie-up, Rouaix said.

GFI’s current shareholding structure, with two main investor groups controlling about 50 percent of the company, makes GFI “less vulnerable to a takeover” than in 2007, he said.

Excluding acquisitions, GFI’s revenue will probably be “flat” this year as clients delay projects and push for lower prices, Rouaix said. GFI is countering the slowdown by offering more services for the same price as it adopts new models of organization that help preserve margins, Rouaix said.

Forstum Business Solutions should add about 40 million euros to full-year sales, he said.

GFI has 10,000 employees worldwide.

To contact the reporter on this story: Albertina Torsoli in Paris at atorsoli@bloomberg.net

Last Updated: March 31, 2009 12:03 EDT