Story highlights Google announces the launch of an invite-only, domain-registration service

Google hasn't said when the service will be available to the public

Service will compete with GoDaddy, the largest domain-management company

Google already is a major player in search, online mapping, social networking and other key functions of the Web. Now it wants to sell domain names, too.

The Internet giant on Monday announced the launch of an invite-only service, Google Domains , to help small businesses find, register and manage their Web addresses. The service is currently in beta testing with a small number of users.

"Businesses will be able to search, find, purchase and transfer the best domain for their business -- whether it's .com, .biz, .org, or any of the wide range of new domains that are being released to the Web," Google said in a blog post about the venture.

With this move, Google will be directly competing with companies they once partnered with. Their most notable partner-turned-rival will be GoDaddy, the world's largest domain-management company, which has faced financial troubles in recent years.

GoDaddy has 57 million domains registered to its service, but the company hasn't generated a profit since 2009 and in the last two years has reported combined losses of $480 million. Earlier this month, the company filed for a $100 million IPO

The new Google service will allow users to purchase new domain names as well as transfer existing ones. It also offers some perks that other companies don't, such as free private registration, which keeps the site owner's personal information hidden from the public.

Google isn't quoting prices yet, although a window on the Google Domains site suggests that registering a domain will cost $12 a year.

Google hasn't announced when Domains will be available to the public, although it's encouraging potential customers to request invite codes to test the service. Google said the beta-testing process will investigate ways to streamline Domains for users, improve customer service and determine which extra services, such as mobile-site design, will be offered.

The service will allow Google to take advantage of 1,400 newly created top-level domain endings, such as the already popular .guru. Google is already on the International Corporation for Assigned Names and Number's list of accredited registrars for well-known domains like .com, .net, and .org.

Domain-name registration has increased steadily over the years. According to the website nTLD Stats , 1.3 million new names have been registered already this year. Verisign , a domain research group, reported an increase of 7% from the end of 2012 to end of 2013.

Google is late to the domain-name market. But as a dominant Internet player, it may be able to leverage this new service in ways smaller rivals cannot.