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No, you are not required to move your entire Hexagon software product portfolio to Smart Licensing. Subject to the specific Hexagon software product version requirement, it is possible for you to manage certain Hexagon software products using SmartPlant License Manager and others using Smart Licensing at the same time.
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However, there are limitations. Each end-user computer can be set up to use either Smart Licensing or SmartPlant License Manager, BUT NOT both. This is due to the license client software installed on each computer at your location.