Could not connect to service after upgrade to 5.4 (4046009)

vRanger GUI fails to start after seemingly successful upgrade from version 5.3.x to 5.4.
From the command prompt run the following to get details:

"X:\Program Files (x86)\Quest Software\vRanger\Service>Vizioncore.vRanger.Service.exe" DEBUG
 

For version 5.4:
vRanger Backup & Replication encountered an error during startup. The exact error message was : Failed to launch service because the database version did not match the version number stored in the database.

OR

vRanger Backup & Replication encountered an error during startup. The exact error message was : Attempted to perform an unauthorized operation.

The database may have been in transitional state.

1. Click on Start > All Programs > Quest Software > vRanger Backup & Replication > vRanger Database
2. Click Next, Chose Install/Upgrade on an existing SQL Server 2005/2008 and choose the correct Server Authentication.
3. Verify the credentials on the next screen and click on Next.
4. Review the database credentials and click on Next.
5. Select yes when you are prompted about an Existing vRangerPro database
6. Click on the Automatic Setup button.
7. Click Next after the Upgrade process is completed and then click on Finish.
8. Start the vRanger service