Excel 2016 add-in "Inquire" will not load

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It's been reported that after applying January updates for Excel 2016, the Inquire add-in is not loading as expected for some customers.

The behavior being reported is that the COM add-in is listed under the section for Inactive Application Add-ins and when users try to enable the add-in, it either results in no changes or an error similar to the one below occurs.

ERROR:
"Not loaded. A runtime error occurred during the loading of the COM Add-In."

WORKAROUND:

We have found that 32-bit installations of Excel are affected. We understand this workaround is not ideal in some cases, however, the only workaround currently is to uninstall the 32-bit version of Office, and install the 64-bit version instead.

Microsoft is aware of this issue and is working on a solution.