Solution
You cannot have two versions of Volume License Manager (VLM) installed on the same computer at the same time. However, it is possible to combine two license files if both were created for subscription licenses.
You cannot install two different versions of VLM on the same computer. For example, if you install VLM 2025 Q4 on a license server that already has VLM 3.3 installed, VLM 3.3 will be removed during the installation process.