>>>Can't you just distribute the EXE?
>
>>We sell a .Net application commercially and need to protect our IP.
>>
>>Can anyone with experience please recommend a strong code Obfuscation tool.
>
>Sure, but without obfuscating the source code, the distributed EXE is the easiest thing to reverse engineer down to original source code

I did not know that. Sorry. You can probably tell how many .NET apps I have distributed (zero).