The two companies announced they will integrate their existing cloud products and services and create new solutions for the enterprise under the new agreement.
As part of the new agreement Box services will be integrated into IBM's content management and enterprise social networking software and the cloud-based Watson Analytics platform. IBM's security technologies will also be used to expand Box's security features.
The two companies will also work together to bring Box's technology into the enterprise iOS apps IBM created as part of its partnership with Apple (AAPL).
About 1.1 million shares of Box were traded by 10:44 a.m. Wednesday, above the company's average trading volume of about 679,000 shares a day.