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If you have a previous version of the Utilities, they will be updated through the above process. Any licenses activated will be transferred over to your new License Manager and Utilities. There is no need to deactivate your licenses before upgrading your License Manager.
If you currently have License Manager v7.x (or earlier) installed: Licenses from LM7 are not supported on License Manager v8.6. Please find another machine to install License Manager v8.6 as two versions of Sentinel License Manager cannot run on the same machine.
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