Wikipedia best explains - O365 as :
Facing growing competition from Google's similar service Google Apps, Microsoft designed the Office 365 platform to "bring together" its existing online services (such as the Business Productivity Online Suite) into "an always-up-to-date cloud service" incorporating Exchange Server (for e-mail), SharePoint (for internal social networking, collaboration, and a public web site), and Lync (for communication, VoIP, and conferencing).
Microsoft has enabled SharePoint Online in Office 365 since 2013 (if I am not wrong)
Timeline :
SharePoint 2007: Released in 2006
SharePoint 2010: Released in 2010
Office 365: Released in 2011 (With SharePoint2010 interface)
SharePoint 2013: Released in 2012
Office 365 Upgraded: 2013
SharePoint Online isn't exactly a new product – its origins lie in SharePoint on-premises. But in recent years, Microsoft has taken this single SharePoint product and started to break it up into pieces, as it migrates to a cloud-based intranet environment.
Microsoft now sees SharePoint as a front-end platform to drive collaborative work, as well as a core back-end component for storing files and content.
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