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The code name of the next new major release of Microsoft Dynamics AX 2012 is “RAINER”, which will be released in fourth quarter of calendar year 2014.
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Microsoft Dynamics AX on Cloud in addition to on premises offering.
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The Microsoft Dynamics AX 2012 R3 will be released in fourth quarter of calendar year 2013.
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Regular Cumulative Updates (CU’s) will be released every quarter.
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Microsoft Dynamics AX to deliver Windows 8 apps in 2013.
Source: http://msdynamicsworld.com/