This is similar to the issue as described in:
The collector service takes longer than the timeout value when issuing connection to SQL server.
Resolution:
1. In Registry Editor, locate and right-click on the following registry subkey:
/HKEY_LOCAL_MACHINE/SYSTEM/CurrentControlSet/Control/
2. In Control, in the right pane of Registry Editor, right-click and choose "New" then "DWORD".
3. Replace New Value #1 with ServicesPipeTimeout and then press ENTER.
4. Right-click the newly created ServicesPipeTimeout registry entry and click Modify.
5. In the Value data text box, type 180000, and click OK
** Note TimeoutPeriod is a placeholder for the value of the time-out (in milliseconds) set for the service.
For example, to set the time-out period to 24 hours (86400000 milliseconds), enter 86400000.
6. Restart the computer for the Service Control Manager to apply this change.
** Restart of computer is required **
