Strange. I guess this must be one of the programs that try to locate their app dir by using the path portion of their name, but it should have worked when you supplied the full path ...

Have you tried

RunAndWait(.null., ["c:\Program Files\IVANS\TransMan\Transman.exe"  /A /M:TECHSUPPORT;SYSERROR;TMCONFIG;AIDOWN] ...)

?

Please note the quotes, they are important.