InMemory service account

I need to change the LogOn Account for TARGIT InMemory Scheduler Service to a service account that can be used for running services like InMemory but of course not for logging in.

I've added the service account as administrator in TARGIT InMemory Scheduler Service as well allowing the service account to publish to the designated deployment folder in the same (not sure if any of this is required when the service account is actually running TARGIT Inmemory Scheduler Service).

I believe I've given the service account full access to all relevant TARGIT folders but...

Regardless what I do, I get the message from ETL Studio that it's unable to determine the version of TARGIT InMemory Database at 'localhost' and I've no idea where the disconnect is. When I try to manage profiles in ETL Studio, I get the Code 5 error (unable to test connection).

I couldn't find anything in the InMemory documentation but maybe someone in the community can shed light on what I'm missing.