Both fields are highly sensitive. The Site Message is both case-sensitive and space-sensitive ; even a single extra trailing space can cause an "invalid license" error. How to Update or Add Your License
Re-enter Toad license info - Toad for Oracle & DevOps Toolkit toad for oracle license key and site message
Newer versions of Toad occasionally require a "License Key Upgrade" if the older key format is no longer supported by the current engine. Management and Deployment Both fields are highly sensitive
If your key is shorter than 21 characters, it may be an older or incorrect format. Quest Software Common Licensing Questions toad for oracle license key and site message