ALM Service fails to start

I'm trying to evaluate the trial edition of HP QC Enterprise (ALM 11.50). The installation succeeded until the last step where the service starts. The service fails to start even when i attempt to manually start it. The credentials are the administrator so it should not be permission related.

 

What would cause the service to fail when starting?

What is event id 7024?

 

 

My environment:

- Windows Server 2008 R2 (64)

- SQL Server 2008 R2 (Dev)

- Hosted on Parallels 8.0

 

Event Log Error Information:

"">- <Event xmlns="http://schemas.microsoft.com/win/2004/08/events/event">

"" target="_blank">- <System>

<Provider Name="Service Control Manager" Guid="{555908d1-a6d7-4695-8e1e-26931d2012f4}" EventSourceName="Service Control Manager" />

<EventID Qualifiers="49152">7024</EventID>

<Version>0</Version>

<Level>2</Level>

<Task>0</Task>

<Opcode>0</Opcode>

<Keywords>0x8080000000000000</Keywords>

<TimeCreated SystemTime="2013-09-20T15:41:30.896484400Z" />

<EventRecordID>1501</EventRecordID>

<Correlation />

<Execution ProcessID="508" ThreadID="5212" />

<Channel>System</Channel>

<Computer>SPDev</Computer>

<Security />

</System>

"" target="_blank">- <EventData>

<Data Name="param1">HP Application Lifecycle Management</Data>

<Data Name="param2">%%1</Data>

</EventData>

</Event>