By I-Hsien Sherwood (i.sherwood@latinospost.com) | First Posted: Feb 27, 2013 03:36 PM EST

Microsoft released an update on Wednesday to Office 365, the subscription-based version of Office 2013. The update adds social media functionality and updates Microsoft Lync, SharePoint and Exchange.

"In addition to updated Microsoft Lync Online, Microsoft Exchange Online and Microsoft SharePoint Online services, business users can now get the rich Office applications they are familiar with, on up to five devices, delivered as an always up-to-date cloud service," said the company in a press release.

"Office 365 features enhanced enterprise social capabilities with SharePoint and Yammer today, and Lync-Skype connectivity for presence, instant messaging (IM), and voice by June."

In addition, Microsoft is offering several new business-oriented subscription plans for Office 365:

* Office 365 ProPlus includes the latest and most complete set of fully featured, rich Office applications - Word, Excel, PowerPoint, OneNote, Outlook, Publisher, InfoPath and Access - delivered as a service, on up to five devices. People can now simply sign in to Office 365 from any of their devices, and their documents and personalized settings roam with them, allowing them to quickly pick up right where they left off. IT departments also get the controls they need, including the ability to run Office 365 ProPlus side-by-side with other versions of Office and tools to streamline and manage updates for their users. Office 365 ProPlus is available as a standalone offering for $144 per user for an annual subscription and is included with the updated premium Office 365 Enterprise offerings and the new Office 365 Midsize Business.

* Office 365 Midsize Business is designed for medium-sized businesses with 10 to 250 employees. This service includes Office 365 ProPlus and provides midsize businesses with enterprise-quality communication and collaboration with Exchange Online, Lync Online and SharePoint Online - along with the simplified IT tools they need to maintain control while reducing complexity. Active Directory integration, a Web-based administration console and business-hours phone support are also included. Pricing is $180 per user for an annual subscription, the equivalent of $15 per user, per month.

* Office 365 Small Business Premium is designed for small businesses with one to 10 employees. In addition to the complete set of rich Office applications, this service includes business-grade email, shared calendars, website tools and HD videoconferencing capability in an easy-to-manage service that does not require IT expertise. Pricing is $150 per user for an annual subscription, the equivalent of $12.50 per user, per month.

Microsoft has been trying to drive users to Office 365, as subscription services are more lucrative, and a more dependable revenue stream. In general, most casual users will be better off with the $100 per year Office 365 subscription, if only because Microsoft has made the standalone Office 2013 package so unattractive.