After years of speculation, software giant Microsoft (NASDAQ:MSFT) has launched a mobile version of its flagship Office productivity software suite for Apple's (NASDAQ:AAPL) iPhone.

The new app is a free download, but only subscribers of Microsoft's cloud-based Office 365 can use it. Office Mobile for iPhone is similar to Office Mobile for Windows Phone. Subscribers can access their Word, Excel, and PowerPoint documents from anywhere, and files will sync and format automatically. The company says it will continue adding value to Office 365 subscriptions, after recently expanding Skype calling and adding features to OneNote as well.

Office Mobile has been optimized for smaller displays and inclues integrated sharing options. Office 365 Home Premium costs $10 per month, or $100 per year.

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Fool contributor Evan Niu, CFA, owns shares of Apple. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple and Microsoft. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.