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ONLYOFFICE
ONLYOFFICE Docs is a free collaborative online office suite comprising viewers and editors for texts, spreadsheets and presentations, forms and PDF, fully compatible with Office Open XML formats: .docx, .xlsx, .pptx and enabling collaborative editing in real time.
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WorkOS
The modern identity platform for B2B SaaS. The APIs are flexible and easy-to-use, supporting authentication, user identity, and complex enterprise features like SSO and SCIM provisioning.
For the businesses who might want to switch to an alternative.
A great one is Cryptpad: https://github.com/xwiki-labs/cryptpad
There are hosted instances also if you're not interested in self hosting.
P.S. I'm not affiliated in any way with the project.
I use onlyoffice[0] because MS Office doesn't run on Linux. It is open source and seems to have the best compatibility with MS Office. You can self host it and/or use it locally. It also integrates with e.g. nextcloud or seafile.
Some features are missing yes, but the usability (IMO) is better than Libre-/OpenOffice.
I don't know how good the collaboration is but they seem to advertise for it.
[0] https://www.onlyoffice.com/