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As with all acquisitions, this one between Microsoft and GitHub is subject to regulatory approval and "customary closing conditions", but assuming that all goes smoothly, Microsoft expects the deal to close by the end of the calendar year.

"Microsoft has been a developer-focused company from the very first product we created to the platforms and tools we offer today", Nadella wrote in a blog post Monday. The platform hosts a growing network of developers in almost every country representing more than 1.5 million companies across healthcare, manufacturing, technology, financial services, retail and more.

The old guard tech giant has long viewed open-source software, which allows developers to change and improve upon shared code, as a threat to its core business model.

"Most importantly, we recognize the responsibility we take on with this agreement", said Microsoft CEO Satya Nadella, according to The Verge. Last August, the company said it wanted a replacement for CEO Chris Wanstrath - one of GitHub's founders.

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Satya Nadella, Microsoft CEO, speaks May 7 during a conference in Seattle. In taking on GitHub, which has yet to turn a profit, Microsoft is hoping to re-build trust with the developer community and expand the adoption of the Github platform with larger, legacy enterprises that already use Microsoft's software and services.

He appealed to developers' sense of trust in GitHub, saying Microsoft will work to make the company even better by using the resources at its disposal. Once the acquisition closes "later this year", Nat Friedman, the founder of Xamarin, will take over as CEO of Github and will report to Microsoft Cloud + AI Group executive vice president Scott Guthrie.

Profits from GitHub will be reported under Microsoft's Intelligent Cloud division in financial reports.

The deal is Microsoft's most expensive acquisition since paying $26 billion for LinkedIn in December 2016. The company's main principles are centered around open-sourced licensing, which lets developers access, use, and tweak code written by others with the ultimate goal of wanting to improve it. At the time, Microsoft corporate vice president Brian Harry said: "Over the years, we've seen a lot of unbelievable options come and go but at this point, GitHub is the de facto place for open source sharing and most open source projects have migrated there".