In 15 years in the industry I have met many people who like to quote Joel Spolsky, but I have not come across one single person who actually uses a Fog Creek product. Kinda like lots of people have read ESR, but no-one is using his code...
1. They have a stable base of corporate microsoft shops using fogbugz -- which is why none of us knows anybody using it. My guess is their other products make little if any revenue.
2. They don't pay most of their people very much. They probably only have a dozen or so people on staff full time and everyone else is an intern.
3. Their job board does pretty well. Quite a bit of passive $$$.
Fog Creek seems like a stable and profitable business. That said, there are thousands of profitable small boutique software companies out there.
