CARY, NC—Software company BluePhoenix, (Nasdaq:BPHX) which sells products to help companies update legacy computer software and networks, says it plans to raise a $35 million private placement.

The company says it will sell 2 million shares of its stock at $17.50 each and 800,000 warrants convertible to common shares at $21.88. It’s stock was down 9 percent at $17.11 Tuesday morning.

Formed from the merger of a Dutch software firm and American and Israli consulting firms, the company moved to Cary from Israel in 2003.

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