NEW YORK (TheStreet) -- It's just what an industry leader doesn't need - especially at this point in time. Just weeks after announcing its plans to go public, GoDaddy is now faced with another company entering the domain registration field - only this time the competition is Google (GOOG), owner of the world's largest digital advertising platform.
On Tuesday, Google announced Google Domains. Currently in beta the service is meant to help the 55% of small businesses in this country without Websites to get online for the first time. At the moment Google Domains is by invitation only.
Earlier this month, Go Daddy, probably best known for its racy Super Bowl ads, filed with the Security and Exchange Commission its plans to raise up to $100 million in an IPO. The company had originally attempted an IPO back in 2006 but later canceled it due to what at the time it called "market uncertainties".
The Scottsdale, Arizona-based company is privately held with Kohlberg Kravis Roberts, Silver Lake Partners, and Technology Crossover Ventures holding a majority stake. Although exact terms of the deal were never publicly revealed, reports placed private equity's stake at 65% stake in the company, a transaction that cost roughly $2.25 billion.
In an email commenting on Google's announcement Mike McLaughlin, GoDaddy's Senior Vice President & General Manager of Domains told The Street