This is similar to the issue as described in:
The collector service takes longer than the timeout value when issuing connection to SQL server.
- Click Start, click Run, type regedit, and then click OK.
- Locate and then click the following registry subkey: HKEY_LOCAL_MACHINE\SYSTEM\CurrentControlSet\Control
- In the right pane, locate the ServicesPipeTimeout entry.
Note If the ServicesPipeTimeout entry does not exist, you must create it. To do this, follow these steps:
- Type ServicesPipeTimeout, and then press ENTER.
- On the Edit menu, point to New, and then click DWORD Value
- Right-click ServicesPipeTimeout, and then click Modify.
- Click Decimal, type 180000, and then click OK.
This value represents the time in milliseconds before a service times out.
- Restart the computer.
For more information, please refer to the Microsoft KB article (provided as a courtesy):