In newer versions of TARGIT, InMemory is looking for a parameter called "licenseserver" in the targitdb.ini file to be able to validate the license. When InMemory is running on another server than the ANTserverupgrading InMemory, this parameter is not set automatically.
...
Add the parameter at the end of the targitdb.ini file found in C:\Program Files\TARGIT\TARGIT InMemoryDB\targitdb.ini like this:below, and then restart the server.
[general]
data_dir=EC:\TARGIT\TARGIT InMemoryDB\Data\
log_dir=EC:\TARGIT\TARGIT InMemoryDB\Log\
...