PARK CITY — Software company Park City Group Inc. said Tuesday it raised $5.8 million through a private placement of 584,000 shares of convertible Series A preferred shares.

Each share is convertible into common shares at $3 per share.

The company said net proceeds from the placement will be used for information systems expansion, the purchase of redundancy infrastructure and storage, deployment of hardware to improve processing speed, and to provide working capital for general purposes.