TestComplete License Manager Installation

I was going to install the License Manager on our virtual server until I found out I cannot do this for Floating Licenses.  I was going to install TestComplete on 5 workstations and identify the VM as the location of the license manager.  It appears now my only option now is to install the license manager on stand alone machine accessible via the network by the PCs we will have TestComplete installed on. 

My question is can the license manager be installed on the same PC on which I have TestComplete installed...getting a seperate workstation to use as the license manager will prove difficult here.