Microsoft (NASDAQ:MSFT) today announced the release of its new Office 365 Home Premium for consumers, in addition to Office 365 University for students, faculty, and staff.

In addition to applications including Excel, Word, and Outlook, Office 365 will allow users in 162 markets and 21 languages to work across as many as five devices, including Windows tablets, PCs, and Apple's Mac computers. Skype calling is also included in the $99.99 annual license fee.

Steve Ballmer, CEO of Microsoft, said, "Today's launch of Office 365 Home Premium marks the next big step in Microsoft's transformation to a devices and services business." The cloud-based Office 365 will also allow for faster updates and the introduction of new features, according to the company's announcement. By using cloud technologies to deliver product updates, Microsoft hopes the new solution results in "transforming the company's traditional three-year release cycle."

Microsoft also announced its Office 365 solution for businesses will be released globally on Feb. 27.


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