Small and medium-sized enterprises (SMEs) increasingly need to manage information technology (IT) effectively in order to remain competitive. However, compared to larger organizations, SMEs often face challenges in terms of resources and employer attractiveness, and regularly do not have the need to employ a Chief Information Officer (CIO) on a full-time basis. To address this issue, a growing number of global experts have begun to provide CIO services on a part-time basis for multiple clients simultaneously. This approach allows SMEs to tap into the expertise of experienced IT leaders at a fraction of the cost and without committing to long-term arrangements. While these professionals, known as “Fractional CIOs”, have proven their value in the field, there has been a lack of academic research on this emerging trend. Therefore, we carried out a comprehensive research project between 2020 and 2023, involving 62 Fractional CIOs from 10 countries. The research produced a definition, different types of engagements, and success factors for Fractional CIOs and their engagements. This paper summarizes these findings for a wider audience of academics and practitioners.