For what it's worth... We have looked around several times. Originally we ended up with Hardlock from ///FAST. Fast was acquired by Aladdin in the 90ies. It took some time until they had a better product than what we had with Hardlock, but since a year we are on their latest generation: HASP SRM system. And it really is a new dimension. It gives you the best flexibility we could find and and on the security side they have gone a long way building up something well thought thru. One of their guys from R&D gave a presentation at the Developer Summit in Stockholm 2008 on their .NET protection. It can give you some ideas on what is important and not so nice on the managed side. http://www.cornerstone.se/upload/Web/Downloads/slides/DevSum08%20presentationer/Werner_Dondl.pdf Also our product management is happy. They do not need to come to us every time they want new license types. It is engineered in a clean way to isolate what we have to do in R&D from all the licensing stuff that is not really our R&D business. In addition it can be used with software only licensing or with a dongle so from trial licenses up to hardware protected license terms - without us having to do extra efforts. Maybe it helps ;)