BEAVERTON, Ore. -- Corillian Corp. said it named Alex Hart, formerly vice president of business development for Microsoft Corp.'s TransPoint Electronic Bill Presentment and Payment venture with First Data Corp. and Citibank, to the position of executive vice president of corporate development.

The company, which is preparing for an initial public offering, also set out some of the terms of that offering.

In its most recent filings with the Securities and Exchange Commission, Corillian, which provides Internet technology used for financial services, said Lehman Brothers Holdings Inc. and Huntington Bancshares Inc. have agreed to purchase $21 million of its common shares in a private placement that would occur concurrently with the closing of the IPO.

It also said Bank One Corp. agreed to purchase, also in a private placement, a warrant for 250,000 shares of common stock with a per share exercise price equal to the per share price to the public set forth below and a term of three years. The purchase price for this warrant will be about $1.7 million, Corillian said.

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