Why the Nexion (ASX:NNG) share price is racing 8% higher

The Nexion Group (ASX: NNG) share price is racing higher following a multi-million deal signed with IBM Australia Ltd (NYSE: IBM).

During the late afternoon trade, the information technology service provider’s shares are up 8.3% to 33 cents. It’s worth noting that when the market opened, the Nexion share price hit an all-time high of 41 cents.

What’s the deal?

According to its release, Nexion advised it has secured a contract with IBM Australia for a term of 5-years.

Under the agreement, Nexion will deploy a number of its products to IBM for a project located in Western Australia. This will include Nexion OneCloud infrastructure-as-a-service (IaaS), network links, session initiation protocol (SIP) voice services, security,…