Shortly after the release of the July Public Update, we received notification of a potential issue affecting a subset of Office 365 ProPlus users. In some cases, users running Office may not be able to launch Office products after the July 2014 updates are installed.
We have since corrected the issue and will be releasing an updated build 15.0.4631.1004 scheduled to go live by Thursday July 24th. Once the update is available, you can click on “Update Now” from the backstage to get the latest fix.
If you still have issues, then please reboot your computer and try “Update Now.” If you still have issues launching Office applications, as a last resort, please run the Fix It located at http://support.microsoft.com/kb/2739501 to uninstall and reinstall the latest bits. For more information please see the article http://support.microsoft.com/kb/2989605.
Note: This issue doesn’t affect Volume License customers.