They only forget 37 Signals has over 3 million customers paying an average $50 monthly fee without any investment, with less than 20 employees and no offices at

They only forget 37 Signals has over 3 million customers paying an average $50 monthly fee without any investment, with less than 20 employees and no offices at all. Really? 37Signals is generating $150 mil * 12 = $1.8 bil in revenues per year? At the stated 20 employees, that's $90 mil in revenue per employee. I think 37 Signals is an awesome company and I have the utmost respect for them. But I find these numbers hard to believe. More likely they have 3 mil customers using free accounts. and a few percent of that -- I hear 2% is the average conversion rate for freemium, but let's be nice and say 4% -- or 120,000 as paying customers. At $600/yr, that leads to $72 mil per year in revenues or $3.6 mil per employee. Which is both amazingly great and within the realm of believability. P.S. 37 Signals does have an office in Chicago.