Awkward naming aside, it seems like this is very similar to what Apple did in iOS2.0 with iOS Enterprise Developer program.

"Google Play for Work allows businesses to securely deploy and manage apps across all users running Android for Work, simplifying the process of distributing apps to employees and ensuring that IT approves every deployed app"

Leaving aside exactly how it's done, the end goal is the same: If I am Example Inc's CTO, I can now have my staff develop Example Inc Android apps that are neither sold on Play store nor side-loaded.

Apple requires running your own App Store server, I'm fairly certain Google will probably make it more cloud centric.

Glad they're finally stepping up on this front.