<p>Short of rolling your own.  There has to be something out there.  FlexLM/FlexNet is overpriced, and does not work for a company like ours.  The same goes for RLM.  There was one product I had hope in called LUM, but IBM no longer licenses the API.  So what else is available?  Or do you have any known way to get LUM?</p>

<p>Please help, I have been reviewing and searching on and off for over a year, and just can't find the right solution.  Maybe everyone just creates their own, we'd rather not.</p>

Here's one product -- SoftwarePassport:
http://www.siliconrealms.com/
They purchased Armadillo, which used to be an inexpensive software protection and licensing scheme.  The price is higher than it was back then but I'll bet it's still less than FlexLM.
I do have one suggestion regarding licensing -- as a user and developer of licensed software.  Implement a "soft cutoff", so that your customers are not dead in the water if the licensing mechanism fails (or if the license expires).  Provide some way for them to keep running so that there's enough time to remedy the problem.