Adobe Captivate 7 won't launch after installation

I have upgraded to Windows 7 64 bit and reinstalled Adobe Captivate 7 32 bit.

Captivate won't start.  It prompts for registration but the application itself closes in the background.

(I have verified in Task Manager that Captivate is closed)

Do I need a different version of Captivate?

Is there something else I should be doing?

I have uninstalled and reinstalled with the same results.

Same thing happens when running under a normal user account and under an account with Administrator rights.

Same thing happens when Captivate is run as an administrator.