SILICON VALLEY, Calif., Feb. 9 /PRNewswire/— Pricelock, Inc., the first company to combine patented technology and a novel hedging strategy to bring price predictability to the volatile $850 billion retail fuel market, announced today that Naveen Agarwal, former President of E*TRADE Capital Management, has joined the company as Chief Operating Officer. The search was conducted by Taylor Winfield, Inc.
“Naveen’s experience in growing businesses and managing in a multi-billion-dollar company will be invaluable as Pricelock builds its position as the pre-eminent company providing price protection for purchasers of fuel,” said Robert Fell, Founder and CEO. “He has an exceptional track record in business development and is an important addition to our team.”
Fell also announced that Pricelock is relocating its headquarters from Houston to East Palo Alto, CA, to reflect the importance of technology expertise in the company’s hedging business. “We look forward to Naveen’s leadership as we tap the entrepreneurial culture and deep pool of talent in Silicon Valley to drive our business growth,” he said.
Agarwal said, “I’m intrigued by the unique combination of information technology and financial know-how underpinning Pricelock’s innovative business that is addressing a fundamental market need – commodity pricing predictability. It’s a great company with unlimited market potential, and I’m excited about working with Robert and his leadership team.”
Pricelock, founded in 2006, has developed and executed price-protection programs for three major companies. The first was Chrysler’s “Let’s Refuel America” sales-incentive campaign last summer, in which buyers were able to lock in a fixed price of gasoline with the purchase of a new vehicle. For several months, Pricelock has managed an employee-benefits program for Aegis Communications, Inc., an international customer-service call-center company. The program delivers discounted gasoline to employees, giving Aegis an important tool for recruiting and retaining workers. Pricelock also is just beginning a budget-protection program for a large wholesale building materials supply company, that will help insulate the company against a spike in the price of fuel used by its fleet of 4,000 vehicles.
Pricelock’s service is a simple three-step process. A company wanting to lock in fuel costs buys an option for a certain amount of fuel at a specified price during a specific period of time. Pricelock issues the company fuel cards, similar to credit cards, which drivers then use to purchase unleaded gasoline or diesel fuel at any of 165,000 participating Pricelock gas stations in the U.S., approximately 97% of all service stations in the country. The company or individual cardholder then pays the guaranteed low price, regardless of the price at the pump, and Pricelock provides continual data to users that allow them to plan and manage their costs more effectively. Of course, if the pump price is below the guaranteed fuel-card price, the cardholder does not use the fuel card but pays the lower pump price.
Agarwal spent seven years at E*TRADE in Menlo Park, CA, most recently serving as President of E*TRADE Capital Management. He was responsible for managing and growing E*TRADE’s highest revenue customer segment. He joined E*TRADE in March 2001 and also served as Senior Vice President, Retail & Wholesale Lending; and Vice President, Investing and Corporate Products.
Prior to E*TRADE, Agarwal served as Vice President at Sungard, driving their interest rate and FX trading and hedging systems business. He managed and led the team that developed industry’s first end-to-end risk management system for Value-at-risk and Credit Value-at-risk.
Pricelock’s investors include Goldman Sachs and Artiman Ventures, a venture capital firm that specializes in helping technology-driven entrepreneurs create world-class companies. Artiman has provided technology counsel, as well as growth capital. Michael Bonsignore, former CEO of Honeywell, is the Founding Chairman of the Company.
Pricelock is the world’s first company to combine patented technology and a novel hedging strategy to bring price predictability to increasingly volatile fuel prices for businesses. It expects to be able to provide the same service to consumers within the year. Pricelock can be found on the Web at www.pricelock.com.
About Taylor Winfield, Inc.
Established in 1987, Taylor Winfield has been instrumental in building billions $$ in market value within the high technology industry, via retained executive search and strategic business development. Through key relationships with premier private equity and venture capital firms, maturing client companies, and their executive network of visionary industry leaders, Taylor Winfield has conducted searches to create hundreds of high tech core management teams in Consumer Internet, Wireless, SaaS, Enterprise Software, Networking, Hardware, Services, and Semiconductors – and now Medical, Clean Tech, Renewable Energy and Retail.