Spotlight Cloud is a separate product and cannot be installed on this same machine with Spotlight on SQL Server Enterprise (Diagnostic Server part). You can have a client part on this same machine, but not the Diagnostic Server (from Spotlight Enterprise) and Spotlight Cloud.
If Spotlight Enterprise Diagnostic Server as already installed on the machine, then Spotlight Cloud would need to be installed on a separate machine.
Connections and alarm settings cannot be transferred from Spotlight Enterprise to Spotlight Cloud, as the file structure is different in both products.
Spotlight Cloud connections and settings would have to be set from scratch.