Microsoft executives demonstrated a new "touch-first" version of Office designed for Apple's iPad, which is available for download as a free app, at the news conference this week, according to Reuters.

A subscription is required to allow users to create or edit documents however. Executives did not demo any software on Windows devices however.

The iPad-friendly version of Office has supposedly been ready for years, but the company was reluctant to compromise its PC operating system, according to Reuters

Users will now be able to use popular applications like Word, Excel and Powerpoint.

"The "Nadella era" at Microsoft is off to a good start so far, as the software behemoth veteran appears to be showing openness in his strategy/vision while trying to steer away from the status quo, representing a breath of fresh air for investors," said FBR Capital Market's Daniel Ives, according to Reuters, when discussing CEO Satya Nadella and the direction of the company recently.

Microsoft's own attempts to challenge the iPad have not sold well, like the Surface tablet, mainly due to a lack of interest in devices running Windows 8, the company's latest operating system.

Analysts have estimated that Microsoft could now take in between $840 million to $6.7 billion a year, according to Reuters.

Microsoft's Office 365 Home Premium costs $100 a year. Users will need an Office 365 subscription to create documents with the new app.

For businesses the service costs at least $60 per year, depending on features.

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