Hmmm...is there some sort of plug-in installed for the software? It seems to be trying to access some sort of plug-in but giving off a failed attempt.
It seems like something is conflicting with the application. That or the install isn't going through properly.
Ok do the following: (Make sure to reverse this after if needed)
Start -> In 'Start Search' type in 'Run' -> open 'Run' -> type in msconfig -> OK -> Click on Services Tab -> Check the box where it says 'Hide All Microsoft Services' -> Now Uncheck everything on the list -> Next go to the Startup Tab -> Uncheck everything here -> Apply -> Ok -> Restart PC.
This process does not cause any damage to your computer, it simply prevents anything non-microsoft related running in the background, almost like booting up Safe Mode except in regular mode.
Now let's try opening up the software, it should essentially work now, if it doesn't then you can try booting up into Safe Mode and running the software, and finally if that doesn't work your runtime error is Windows Based, which could mean either a Virus or Windows causing the problem, in which case a reinstall/reformat may be needed.