2342004 - Failed to connect to a remote IQ server due to "Database server not found" error.

When trying to connect to a remote IQ server, it fails due to an error below.
"Connection failed: Database server not found"

When debugging the connection failure using "LOG" connection parameter, the output log file shows that the error was caused by "error code 10060".

23:52:41     TCPIP link started successfully
23:52:41 Attempting TCPIP connection (no sasrv.ini cached address)
23:52:41 Looking for server with name edw
23:52:41 Trying to find server at address x.x.145.58:2639
23:52:46 TCP/IP link, function connect(), error code 10060
23:52:46 A HOST value was specified, skipping LDAP check
23:52:46 Failed to connect over TCPIP
23:52:46 Removing failed address from sasrv.ini cache
23:52:46 Not attempting to autostart server
23:52:46 Cannot connect to server

The telnet command shows that it's successfully able to reach the remote machine where the IQ server is running.
The screenshot shows the cursor is blinking as below.

• SAP IQ 16.1
• SAP IQ 16.0
• SAP IQ 15.4

SAP IQ, Connection, TCP/IP link, function connect(), error code 10060, TIMEOUT, TO, , KBA , BC-SYB-IQ , Sybase IQ , Problem