Microsoft on Monday confirmed it has agreed to acquire GitHub, the top software-development platform in the world, for $7.5 billion in stock.

It's not much of a stretch to see why, given Microsoft's recent moves around cloud and AI development. The acquisition should help Microsoft expand its focus on developing AI, tools and services that work across devices.

In its statement, Microsoft said:

Today, every company is becoming a software company and developers are at the center of digital transformation; they drive business processes and functions across organizations from customer service and HR to marketing and IT. And the choices these developers make will increasingly determine value creation and growth across every industry. GitHub is home for modern developers and the world's most popular destination for open source projects and software innovation. The platform hosts a growing network of developers in nearly every country representing more than 1.5 million companies across healthcare, manufacturing, technology, financial services, retail and more.

Those are the company's core markets. The rumor popped up over the weekend, and was officially announced in blog posts on both Microsoft's news site and GitHub itself.

Or, as Microsoft developer Miguel de Icaza tweeted:

Microsoft said GitHub will continue to operate independently and "provide an open platform for all developers in all industries." The acquisition is expected to close by the end of 2018.

First published June 4, 6:48 a.m. PT.
Update, 8:32 a.m. PT: Adds more details on Microsoft's plan to acquire GitHub.