Mind you, I'm not familiar with that particular software product, but here are a couple of ideas I'm throwing out there:
Could be an issue with the .NET Framework version. Sometimes older software look for something like 2.0, and are confused when 3.5.1 is installed. You can try reinstalling .NET, which may help. Sometimes it's necessary to use cleaning tools to get rid of all components of the framework before reinstallation, but not always. In extreme cases it is also possible to remove the framework entirely, to install 2.0 (assuming that is what it is missing, check reqs), install the product itself, and then patch .NET up to current version.
http://www.microsoft.com/downloads/d...displaylang=en
http://go.microsoft.com/fwlink/?LinkId=136730
Another possibility is a corrupt or incompatible InstallShield installation. May be worth a try to update to the latest version of MSI:
http://www.microsoft.com/downloads/d...9-54d056d6f9f4
The product's publisher might be able to provide you with more details as to the versions of MSI/Installshield or .NET Framework (or other components) that it needs.