"No companies found to migrate. Choose another directory" issue when trying to upgrade from 2020 to 2021

Attempting to upgrade vanilla 3 user Std install from 2020 to 2021.  Getting below error during migration.

Copied their entire old Sage/MAS90 folder to the new server and browsed to that and got same error.

Verified that the 2021 is, indeed, 2021 (says so in the splash screen).  The 2020 is obviously not 2021, since they've been running it for 6+ months.

Anyone?