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Can I use my existing License Manager from ArcInfo 8.0.x if I upgrade to ArcGIS 8.1?
Yes, during the installation you will be prompted to upgrade your existing License Manager. When the installation is complete you will notice that you have Start Menu shortcuts to License Manager in ArcGIS and ArcInfo. You can remove the ArcInfo shortcut in Windows Explorer.
If you are using a License Manager on a server then you can simply "point" the new software at the same license manager during the installation.