Does the software use an installer? It sounds like some additional libraries (DLLs) required by the ARX cannot be found. Perhaps the file structure in the newer OSs hampers the ARX’s ability to find these files
There is a utility, Dependency Walker, which will analyze software files (EXE or ARX) and list all the additional files required. That will give, at least, the identity of the problem files. Quite often the missing DLLs will also have dependant files that may need to be addressed.