Even if your Windows is up-to-date it'll fail to install if the following KB's are not installed.
Here are the KB's required for iLok License Manager:
Make sure to download the appropriate installer (usually Windows 7 64-bit)
https://www.catalog.update.microsoft.com/search.aspx?q=kb3125574
https://www.microsoft.com/en-us/download/details.aspx?id=46148
Reference: http://avid.force.com/pkb/articles/en_US/Error_Message/iLok-License-Manager-error-Windows-7
Was this article helpful?
That’s Great!
Thank you for your feedback
Sorry! We couldn't be helpful
Thank you for your feedback
Feedback sent
We appreciate your effort and will try to fix the article