Microsoft confirms it will acquire GitHub
The website is popular for storing and sharing software code.
Microsoft confirmed on Monday that it would acquire GitHub, a website where people can store and share software code, for $7.5 billion.
On Sunday, Bloomberg reported that Microsoft had agreed to acquire GitHub, which was last valued at $2 billion in 2015.
The acquisition comes amid the San Francisco-based company's nearly year-long search for a new CEO, as well as its first profit from its services. Founded in 2008, GitHub hosts 27 million software developers working on 80 million repositories of code.
The deal is expected to help Microsoft by adding programming tools and partner with a company that has become a key way in how Microsoft writes its software.
Business Insider first reported talks between the companies on Friday.
Microsoft declined to comment, and GitHub representatives didn't respond to a request for comment.
Update, June 4 at 7 a.m PT: Adds confirmation that Microsoft is acquiring GitHub.
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