I just registered to say I had this same issue as was able to resolve it. I uninstalled the program via control panel and re-ran the installation explicitly as an admin (right click install file > Run as Admin)
This fixed the issue for me and I had the password dialog popup at the end of the install and had the system tray icon running. The software seems to be running fine now on my iPad 2.
My OS is Win 7 Ultimate x64
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