Christian & Timbers, an executive search firm focused on the tech industry, reported that it’s seeing the emergence of a new role — chief product and technology officer.

Demand for CPTOs surged 110% in the first half of this year, according to Christian & Timbers’ analysis of interactions with more than 100 venture capital- and private equity-backed managing partners.

“We project that the CPTO role will be present in half of software companies within the next five years,” Christian & Timbers CEO Jeff Christian said in a press release. “The CPTO is set to redefine tech leadership by combining critical aspects of product and technology under one strategic leader.”

CPTO compensation ranges from a base of $350,000 to $650,000 and includes a bonus of 30% to 50% as well as equity depending on the size and stage of the company. The majority of new CPTOs are at private equity-backed companies.

The ideal CPTO candidate will either have a background as a chief product officer managing efficient engineering teams or a chief technology officer with significant product experience, according to Christian & Timbers.