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NCM 7.3 license migration to NCM 2020.1

Hello,

Can't we use NCM 7.3 license for NCM 2020.1? I successfully migrated NCM 7.3 license (DL200) to newly installed NCM 2020.2 on separate server and database, but when I try to access the NCM page it displays an error saying an upgrade is needed. Is it referring to system upgrade or license upgrade?