Extranet refers to an intranet that is modified to allow outsiders access to it, especially one belonging to a business that allows access to customers, vendors, or partners.
With respect to Office 365, an example of an extranet might be a site that is mainly accessed internally, but is partially accessible by an outside organization or individual. This could be an company project site that shares access to business partners who are collaborating, a customer database that allows customers to view and update their own profile, or a company ordering site that also allows vendors to log in and update pricing information. These would all be examples of extranets.
*The more commonly referred to term: “internet” would be a site accessible by anyone anywhere VS a site accessible by some under certain conditions.
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