Microsoft chairman and co-founder, Bill Gates has released a statement paying tribute to the late Steve Jobs who passed away on Wednesday.

Gates recalled his long relationship with Jobs as "colleagues, competitors and friends over the course of more than half of our lives" and acknowledged the "profound impact" the co-founder of Apple had on the rest of the world.

The full statement is below:

"I'm truly saddened to learn of Steve Jobs' death. Melinda and I extend our sincere condolences to his family and friends, and to everyone Steve has touched through his work.

Steve and I first met nearly 30 years ago, and have been colleagues, competitors and friends over the course of more than half our lives.

The world rarely sees someone who has had the profound impact Steve has had, the effects of which will be felt for many generations to come."

For those of us lucky enough to get to work with him, it's been an insanely great honor. I will miss Steve immensely."

Microsoft and Apple have a storied rivalry that defined the tech world. Windows and Macintosh are the two operating systems that have changed the way people use computers and often the two companies would be trying to outdo one another.

Microsoft's co-founder Paul Allen also released a statement hailing Jobs as a "pioneer and auteur."

"My condolences to Steve Jobs' family and friends. We've lost a unique tech pioneer and auteur who knew how to make amazingly great products. Steve fought a long battle against tough odds in a very brave way. He kept doing amazing things in the face of all that adversity. As someone who has had his own medical challenges, I couldn't help but be encouraged by how he persevered," the statement said.