Good Afternoon,
Yes, we discovered this problem recently with another user. It appears to be a conflict of what libraries get picked up for each executable based on the order defined in your System Path Environment variable. We are looking into the problem and most likely will be handled in a future patch for portability/conflict resolutions. However, as a work around to get both applications running, the solution that worked for another user was to move the path components that point to Thea to the end of the path string so that ArcMap will find it’s libraries first.
Chances are, the Thea paths are installed at the front of the Path variable. Once we moved the paths, both applications were able to load.