The email application will be combined with a contact management tool and branded 'Office Outlook 2007 with Business Contact Manager'.
"Small-business owners need effective solutions for managing their customer base," said Office 2007 general manager Takeshi Numoto.
"Many small and home-based businesses keep their contacts in several different places, some in Rolodexes some in spreadsheets."
Microsoft hopes that the US$149 bundle will appeal to businesses looking to centralise contact information with email, but are not willing to spend $449 on the complete Office Small Business 2007 suite.
The company also announced new editions of its Office Accounting financial tool. The small-business application will now be available in a cheaper 'standard' edition which, at $99, costs half as much as the Professional edition.
New versions of Office Accounting Professional will include additional accounting software along with optional plug-ins to work with eBay.
Microsoft also announced three new versions of the free Office Accounting Express.
Microsoft offers standalone Outlook
Microsoft has launched a new version of Outlook targeted towards small businesses which will be sold separately from Office..
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