Another way this term is used is: "I graduated from LaSalle University." "Well, then you're in good company with many other talented engineers."

in good company = 1. to be together with people who are in the similar position to you. 2. to be together with people who are beneficial to you.

Also i heard this sentnce: If you do not like this food, do not worry ur in good company. I dont like it too. This means ur not alone and other other may share ur worries

in good company with or in the company of means together with good people /relation e.g I traveled to London with a good company with my friend David .