Schellman

Who is Schellman & Company?

Schellman is a Tampa-based specialist CPA firm that issues SOC reports and is an accredited FedRAMP 3PAO, CMMC C3PAO, and ISO certification body. Accounting Today ranked it #46 on the 2026 Top 100 Firms, with the profile’s sourced figures of about $197 million in revenue, ~500 employees, and 28 partners. The firm dates itself to 2002.

Chris Schellman founded it as a two-person SAS 70 shop. Current public claims include 2,000+ SOC reports a year, 900+ clients, nearly 60 audit types, and 98% client retention (the retention figure is from Schellman’s AWS Marketplace listing). CEO Avani Desai has led since 2021; Doug Barbin is President.

Did the Goldman Sachs Alternatives investment close?

Schellman announced a strategic investment from Private Equity at Goldman Sachs Alternatives on 5 March 2026, with Lightyear Capital remaining a minority investor after an expected Q2 2026 close. As of 20 August 2026, that announcement and the matching law-firm deal cards still describe an expected close. No separate public close notice was found in this review. A 3 September 2026 Schellman release on a new board director calls it the firm’s recent strategic investment from Goldman Sachs Alternatives but gives no closing date, so confirm the status directly.

Ask the firm whether the transaction has closed if ownership, FOCI, or independence questionnaires are on your RFP. Leadership was stated to remain in place either way. The announced use of proceeds was international expansion (UK and Europe), healthcare and financial services, and M&A.

What does Schellman’s FedRAMP record actually show?

Schellman is a FedRAMP 3PAO accredited in July 2012 and, in April 2026, the first 3PAO to reach 200 assessed cloud service offerings on the FedRAMP Marketplace. Client ATOs of 870+ across 71 federal agencies are a firm-reported outcome, not a marketplace rank by themselves.

Coalfire’s profile tracks a large High-capable book too; do not treat “#1” as an uncontested independent ranking.

• #1 FedRAMP 3PAO globally since accreditation in July 2012 — leading market share for federal cloud security authorizations
• First 3PAO to reach 200 FedRAMP assessed offerings on the FedRAMP Marketplace (April 2026 milestone)
• Clients have secured 870+ Authorities to Operate (ATOs) across 71 federal agencies
• FedRAMP Low, Moderate, High authorizations across the program
• DoD Impact Levels IL4, IL5, IL6 assessments for sensitive and classified systems
• Facility Security Clearance (FCL) — received March 31, 2025; enables classified DoD assessments
• Type A 3PAO — assessment-only (no consulting), maintaining strict independence

Obtaining a Facility Security Clearance requires extensive background checks, facility security measures, and deep DoD trust. Schellman’s FCL covers classified DoD IL6 work, classified SOC 2 examinations, and penetration testing on cleared systems

What CMMC and classified work can Schellman do?

Schellman received a Facility Security Clearance in March 2025 and is a reauthorized CMMC C3PAO that says it ran the first Joint Voluntary Surveillance Assessment. Confirm entity, clearance, and SOW before assuming commercial and classified work share one contract.

• Reauthorized C3PAO - under finalized CMMC 2.0 program
• First JVSA Assessment - performed first Joint Voluntary Surveillance Assessment
• Level 1, 2, 3 assessments for defense contractors

StateRAMP:

State-level FedRAMP equivalent for state/local government cloud services

Client Validation:

“Schellman has been a strategic 3PAO partner for Palantir consistently delivering exceptional assessment services. We are excited to see them expand their capabilities into cleared environments.” — Kevin Carr, Palantir Technologies US Government Cloud Compliance Lead

Palantir is a named Schellman client.

Can one Schellman engagement cover SOC, ISO, FedRAMP, and CMMC?

Schellman markets “The Power of One”: SOC, ISO, FedRAMP, HITRUST, PCI, and CMMC from one assessor family. That is a coordination claim. Independence still has to hold if advisory and attest land on the same systems — raise it on the first call.

Core Compliance Services:

SOC Audits:

• SOC 1, 2, 3
• SOC for Cybersecurity
• 2,000+ SOC reports annually (largest volume globally alongside A-LIGN)
• Clients ranging from startups to Fortune 500

ISO Certifications (ANAB Accredited Certification Body):

• ISO 27001 (Information Security)
• ISO 27701 (Privacy)
• ISO 42001 (AI Management Systems) — first ANAB-accredited certification body
• ISO 9001 (Quality Management)
• ISO 22301 (Business Continuity)
• ISO 14001 (Environmental Management)
• ISO 27017/27018 (Cloud Security/Privacy)

Healthcare & Privacy:

• HITRUST CSF Assessor
• HIPAA assessments

Payment Security:

• PCI DSS QSA (Qualified Security Assessor)
• PCI PIN, PCI P2PE, PCI 3DS

International & Specialized:

• TISAX (Trusted Information Security Assessment - automotive industry, European)
• HDS (Hébergeur de Données de Santé - French health data hosting)
• APEC Cross-Border Privacy Rules (Accountability Agent)
• Penetration Testing (including classified systems)

Emerging Services:

AI Governance:

• ISO 42001 assessments
• EU AI Act compliance advisory
• Microsoft SSPA Section K (AI) assessments

Sustainability/ESG:

• Sustainability reporting services (via 2023 acquisition)
• Corporate governance and transparent reporting

Web3/Blockchain:

• Cryptography-based communication attestations
• Blockchain storage verification
• Verifiable digital credentials

Who leads Schellman?

Avani Desai has been CEO since 2021; Doug Barbin is President. Desai has been at Schellman for 14-plus years. The 5 March 2026 Goldman Sachs Alternatives announcement said the leadership team would remain in place through the investment.

Background:

• 14+ years at Schellman; elevated to CEO in 2021
• Featured in Forbes, CIO.com, Wall Street Journal
• 2026 Henry Crown Fellow, Aspen Institute
• Named 2017 Global Leader in Consulting by Consulting Magazine
• Has spoken at the World Economic Forum in Davos

Focus Areas:

• Emerging healthcare issues and privacy concerns
• Future technology trends and AI governance
• Women in technology advocacy

Philanthropy & Boards:

• Board member: Arnold Palmer Medical Center, Philanos, Central Florida Foundation (Audit Committee Chair)
• Co-chair: 100 Women Strong (female venture capitalist giving circle)

Doug Barbin — President

Leads firm operations and acquisition strategy alongside Desai; public spokesperson on M&A activity including the INSYTE acquisition.

Corporate Structure & Ownership:

2021 — Lightyear Capital Recapitalization:

• Lightyear Capital (NYC-based PE firm, $8.1B AUM) acquired majority ownership in September 2021
• Founder Chris Schellman exited 6 years early (2021 vs. 2027 planned retirement)
• Avani Desai elevated from President to CEO
• Senior leadership team retained for continuity
• Transaction also separated attest services (Schellman & Company, LLC) from non-attest services (Schellman Compliance, LLC)

2026 — Goldman Sachs Alternatives Strategic Investment:

• Announced March 5, 2026; expected to close Q2 2026
• Private Equity at Goldman Sachs Alternatives takes majority position
• Lightyear Capital steps back to minority investor
• Capital earmarked for: UK and European expansion, healthcare/financial-services service-line growth, large-scale M&A
• Leadership team remains in place; client service delivery uninterrupted

Recent Strategic Acquisitions:

INSYTE CPAs, LLC (August 2024)

• Headquartered in Birmingham, Alabama
• Led by founder and Managing Partner Cindy Wyatt
• Specialty: Risk management, internal controls, business processes; clients in healthcare, banking, insurance, government contracting, technology, professional services
• Strategic Rationale: Expand core SOC services and geographic reach

Sustas, LLC Sustainability Practice (November 2024)

• Acquired the sustainability reporting practice of Sustas, LLC
• Paired with Schellman’s newly obtained ISO 14001 accreditation from ANAB
• Strengthens environmental/ESG attestation capability ahead of evolving climate disclosure rules

Scott S. Perry, CPA PLLC (January 2022)

• Bellevue-based firm specializing in certificate authority audits, crypto/Web3 digital trust
• Scott Perry joined Schellman’s leadership team
• Built foundation for current Web3/blockchain attestation services

Which accreditations can a buyer check?

Schellman is a licensed CPA firm, a FedRAMP 3PAO, a CMMC C3PAO, an ANAB ISO certification body, a HITRUST assessor, and a globally licensed PCI QSA. Confirm the current FedRAMP marketplace row and CyberAB C3PAO listing before a federal bid.

Government:

• FedRAMP 3PAO (#1 globally, accredited July 27, 2012; first 3PAO to reach 200 assessments)
• Facility Security Clearance (FCL) — DoD classified systems (March 2025)
• CMMC C3PAO (Authorized under CMMC 2.0; performed first JVSA assessment)
• StateRAMP 3PAO

Audit & Compliance:

• AICPA (SOC reports)
• CPA Firm (Top 50 — ranked #46 on Accounting Today’s 2026 Top 100 Firms)
• PCAOB Registered (public company audits)
• ANAB Accredited Certification Body (ISO 27001/27701/42001/9001/22301/14001)
• A2LA accreditation under ISO/IEC 17020:2012

Industry-Specific:

• HITRUST CSF Assessor
• PCI QSA (Qualified Security Assessor) — globally licensed; also PCI PIN, P2PE, 3DS
• TISAX Assessor (automotive industry, European)
• HDS Assessor (French health data)
• APEC Accountability Agent (Cross-Border Privacy Rules)

Who is Schellman built to serve?

Schellman’s strongest public book is government and defense: FedRAMP, CMMC, StateRAMP, and classified-adjacent work after the March 2025 FCL. Healthcare, financial services, automotive (TISAX), and AI (ISO 42001) are listed adjacent practices, not a reason to skip the FedRAMP/CMMC check.

1. Government Contractors (DOMINANT NICHE)

• Defense contractors needing CMMC
• Federal agencies requiring FedRAMP
• State/local government (StateRAMP)
• Classified systems operators (DoD IL6) - holds a DoD Facility Security Clearance

2. Healthcare Organizations

• HITRUST + HIPAA compliance
• Health data hosting (HDS for EU)
• Privacy-sensitive operations (ISO 27701)

3. Financial Services

• PCI DSS for payment processors
• SOC 2 for FinTech
• Cross-compliance (SOC + ISO + PCI)

4. Automotive & Manufacturing

• TISAX assessments for supply chains
• ISO 9001 quality management

5. Technology Companies

• Cloud service providers (FedRAMP, ISO 27017/27018)
• AI/ML companies (ISO 42001)
• SaaS startups through Fortune 500

Geographic Reach:

Offices: Tampa, FL (HQ at 4010 W Boy Scout Blvd, Suite 600), Atlanta, San Francisco, Columbus (OH), and Hyderabad (India). 2024 INSYTE acquisition added a Birmingham (Alabama) footprint. TISAX/HDS accreditations support European delivery, and the 2026 Goldman Sachs Alternatives investment is specifically earmarked for UK and European expansion.

Who is Schellman a good fit for?

Schellman fits defense and federal cloud programs that need a Top 50 CPA, a large FedRAMP 3PAO book, and optional CMMC or classified-adjacent work. It is usually more firm than a first-SOC startup needs, and it does not publish a proprietary audit platform like A-SCEND.

Best Fit For:

• Defense contractors needing CMMC + FedRAMP combination
• Federal agencies requiring a FedRAMP 3PAO
• Classified systems operators needing an assessor with a DoD Facility Security Clearance
• Healthcare organizations needing HITRUST + HIPAA + SOC 2 bundle
• Multi-framework compliance seekers wanting “The Power of One” (single auditor for all needs)
• Companies wanting Top 50 CPA brand for investor/customer confidence
• International operations requiring TISAX, HDS, or European standards
• AI/ML companies needing ISO 42001 alongside SOC 2

Not Ideal For:

• Price-sensitive startups - Schellman likely premium-priced as Top 50 CPA firm
• Companies wanting boutique personalization - 700+ clients = scale vs. white-glove trade-off
• Simple SOC 2-only needs - Schellman’s cross-compliance expertise may be overkill for basic requirements
• Organizations prioritizing technology platforms - No proprietary audit platform disclosed (unlike A-LIGN’s A-SCEND)

What do clients say about working with Schellman?

Public reviews are thinner than at SaaS-focused specialists, which matches an enterprise and government book. Named validation includes Palantir’s Kevin Carr on FedRAMP 3PAO work and Cindy Wyatt (INSYTE CPAs) on quality after the 2024 acquisition.

Quality & Expertise:

“Depth of expertise in information technology control and breadth of compliance services… dedication to high quality and service excellence” — Cindy Wyatt, INSYTE CPAs

Long-Term Partnerships:

“Strategic 3PAO partner… consistently delivering exceptional assessment services” — Kevin Carr, Palantir

Professional Service Delivery:

• “Exceptional assessment services”
• “Depth of expertise” and “breadth of compliance services”
• Long-term strategic partnerships (Palantir as repeat client)

Reputation Indicators:

1. Market Leadership: #1 FedRAMP 3PAO globally — objectively verifiable on the FedRAMP Marketplace (201 total assessments as of April 2026; first to reach the 200 milestone).

2. 98% Client Retention: Per Schellman’s AWS Marketplace listing — unusually high for a Top 50 CPA firm in a competitive RFP-driven market.

3. Government Trust: Facility Security Clearance is extraordinarily difficult to obtain. DoD doesn’t grant FCL casually — it requires extensive background checks, facility security, and deep institutional trust.

4. First-Mover Advantage: Performed the first CMMC JVSA assessment as part of the pilot program, and was the first ANAB-accredited ISO 42001 certification body.

5. Client Quality: Palantir Technologies, one of the most security-conscious defense tech companies, maintains long-term strategic partnership. Clients have secured 870+ ATOs across 71 federal agencies.

How much does a Schellman SOC 2 audit cost?

Schellman does not publish SOC prices. Directory estimates for a Top 50 specialist sit at $20,000–$50,000 Type II for startup/SMB scope, $50,000–$100,000 mid-market, and $100,000–$250,000+ enterprise. Those figures are ours. FedRAMP and CMMC are priced separately and run much higher.

SOC 2 Type II Estimated Ranges:

• Startup/SMB: $20,000 - $50,000
• Mid-Market: $50,000 - $100,000
• Enterprise: $100,000 - $250,000+

FedRAMP (Known High Cost):

• FedRAMP Moderate: $150,000 - $500,000+
• FedRAMP High: $300,000 - $1,000,000+

CMMC:

• Level 1: $15,000 - $30,000
• Level 2: $40,000 - $100,000
• Level 3: $100,000 - $250,000+

GRC Partnership Estimate: “Secureframe + BDO, MHM, Schellman: ~$20K-$50K” suggests mid-to-upper specialist range for SOC 2, likely justified by Top 50 CPA firm brand and cross-compliance expertise.

Schellman’s 2026 reported revenue is $197 million (per Accounting Today’s 2026 Top 100) — implying an average client engagement of roughly $200K when divided across the 900+ client base, consistent with mid-market to enterprise positioning.

Timeline:

• Report Delivery: 4-6 weeks post-fieldwork (industry standard for Top 50 firms)
• Total Timeline: 3-12 months depending on framework, observation period, and complexity

How does Schellman compare with A-LIGN or Coalfire?

Schellman’s edge is federal and classified-adjacent work plus a Top 50 CPA brand; A-LIGN’s is A-SCEND volume; Coalfire’s is a High-capable 3PAO book plus Compliance Essentials. None of those is a universal “best.” Pick on the constraint that actually binds the RFP.

Unique Differentiators:

1. Government and Defense Credentials

• #1 FedRAMP 3PAO globally — first to assess 200 cloud service offerings
• Facility Security Clearance (FCL) for classified DoD assessments
• Original CMMC C3PAO, reauthorized under CMMC 2.0; performed the first JVSA assessment
• 870+ ATOs delivered across 71 federal agencies

2. Cross-Compliance Coverage “The Power of One” is backed by scale: 2,000+ SOC reports annually + ANAB-accredited ISO certification body (including the first for ISO 42001) + FedRAMP #1 + HITRUST + PCI + APEC Accountability Agent, across nearly 60 assessment service types.

3. Top 50 CPA Firm Ranking Ranked #46 on Accounting Today’s 2026 Top 100 with $197M in revenue and ~500 employees. Schellman is PCAOB-registered.

4. International Reach TISAX (European automotive) + HDS (French healthcare) + APEC Cross-Border Privacy Rules + Hyderabad delivery center + planned UK/European expansion (Goldman Sachs Alternatives investment), in addition to its U.S. practice.

5. 20+ Year Track Record Founded in 2002, Schellman issues 2,000+ SOC reports annually.

6. ISO 42001 Certification First ANAB-accredited ISO 42001 certification body, plus Microsoft SSPA expertise.

7. 98% Client Retention Self-reported retention rate indicates strong long-term relationships and consistent service quality at scale.

Potential Limitations:

1. Premium Pricing Top 50 CPA firm = higher costs than boutiques. May lose price-sensitive startups to A-LIGN, Prescient, KirkpatrickPrice.

2. No Proprietary Technology Platform Unlike A-LIGN’s A-SCEND or Prescient’s platform integrations, Schellman appears to use traditional audit processes. This may mean slower evidence collection and less real-time visibility.

3. Scale vs. Personalization Trade-off 900+ clients, 2,000+ reports annually, ~500 employees = potential to feel like a number rather than receiving boutique white-glove service.

4. Private Equity Ownership — Now Two Sponsors Lightyear Capital recapitalized in 2021; Goldman Sachs Alternatives takes majority position in Q2 2026 (with Lightyear staying on as minority). Two PE sponsors increase the likelihood of continued aggressive M&A and an eventual exit / IPO over the next 5-7 years.

What is Schellman investing in next?

Announced 2025–2026 moves are the March 2025 FCL, CMMC 2.0 reauthorization, the April 2026 200-offering FedRAMP milestone, and the March 2026 Goldman Sachs Alternatives investment earmarked for UK/Europe, healthcare, and M&A. Treat “expected Q2 2026 close” as unresolved until the firm publishes a close notice.

2021-2026 Focus (Under Avani Desai + Lightyear, now joined by Goldman Sachs Alternatives):

1. Government Market Expansion:

• Facility Security Clearance (March 2025) — classified DoD assessments
• CMMC 2.0 reauthorization — defense contractor market
• StateRAMP growth — state/local government cloud
• 200 FedRAMP assessed offerings milestone (April 2026)

2. Acquisitions:

• Scott S. Perry, CPA PLLC (January 2022) — Web3/digital trust practice
• INSYTE CPAs (August 2024) — geographic expansion and SOC capability
• Sustas, LLC sustainability practice (November 2024) — ESG services diversification

3. Emerging Compliance:

• ISO 42001 AI governance (first ANAB-accredited certification body)
• EU AI Act advisory
• Microsoft SSPA Section K (AI) assessments
• Web3/blockchain attestations
• Sustainability/ESG reporting (paired with ISO 14001)

4. International Expansion:

• TISAX (European automotive)
• HDS (French healthcare)
• APEC Accountability Agent (cross-border privacy)
• UK and European expansion explicitly named as a use of the 2026 Goldman Sachs Alternatives capital

When should a buyer shortlist Schellman?

Shortlist Schellman when FedRAMP, CMMC, or classified-adjacent work has to sit next to SOC 2 under a Top 50 CPA name. Confirm whether the Goldman Sachs Alternatives investment has closed if your questionnaire asks about ownership. For a platform-led multi-framework SaaS audit, compare A-LIGN; for a High-capable 3PAO with Compliance Essentials, compare Coalfire.

“The Power of One” cross-compliance positioning is backed by: 2,000+ SOC reports annually, ANAB-accredited ISO certification body (first for ISO 42001), leading FedRAMP practice (870+ ATOs delivered), HITRUST assessor, PCI QSA, APEC Accountability Agent, and international reach (TISAX, HDS). Schellman covers nearly 60 assessment service types.

For defense contractors needing CMMC + FedRAMP, federal agencies requiring FedRAMP, or classified systems operators, Schellman’s DoD Facility Security Clearance covers classified assessments. Healthcare organizations needing HITRUST + HIPAA + SOC 2 bundles also benefit from their cross-compliance expertise.

Schellman is ranked #46 on Accounting Today’s 2026 Top 100 and was founded in 2002.

However, Schellman is optimized for enterprise and government clients, not price-sensitive startups or organizations wanting boutique personalization. The lack of proprietary technology platform (like A-LIGN’s A-SCEND) may mean traditional audit processes rather than tech-enabled efficiency. Private equity ownership introduces potential exit timeline pressures.

If you’re a defense contractor, federal agency, healthcare organization, or enterprise requiring multiple compliance frameworks with a Top 100-ranked firm, Schellman’s government credentials and cross-compliance coverage fit that profile, particularly if classified assessment capability matters now or later.