Team Foundation Server (TFS) is a Microsoft product that provides tools and technologies designed to help teams collaborate and orchestrate their efforts to finish projects or create a product. It enables DevOps capabilities covering the entire application lifecycle. TFS provides version control, reporting, requirements management, project management, automated builds, testing, and release management capabilities. It is a combination of a reporting tool and version control tool. TFS supports two models of version control: Git, which is distributed version control, and Team Foundation Version Control (TFVC), which is centralized version control. TFVC is a centralized version control system allowing teams to store any type of artifact within its repository. It enables the team to manage all source files or artifacts for a project. TFVC supports two different types of workspaces when working with client tools – Server Workspaces and Local Workspaces. Server workspaces allow developers to lock files for check-out and provide notification to other developers that files are being edited. With the release of TFS 2013, Microsoft added native support for Git.

In summary, TFS is a tool that helps manage teams and their code, providing version control, issue tracking, and application lifecycle management capabilities. It enables DevOps capabilities covering the entire application lifecycle and supports two models of version control: Git and Team Foundation Version Control (TFVC).