The lmgrd daemon and the vendor daemon work together to manage the license keys. The lmgrd handles the initial contact with the client application programs, passing the connection on to the appropriate vendor daemon. It also starts and restarts vendor daemons.
By default, the lmgrd on Windows® is a Windows service.
The lmgrd daemon starts on TCP/IP port 27000 (default) when you start the server. The lmgrd daemon will assign a random vendor TCP/IP port number (unless you set up a firewall) to the vendor daemon and start the vendor daemon on that port.