ThingWorx fails to start with error "Connections could not be acquired from the underlying database!" when running PostgreSQL as persistence provider on separate server

• How to set up PostgreSQL database on separate server as ThingWorx persistence provider
• ThingWorx Tomcat service fails to start when PostgreSQL database is installed on a different server
• ThingWorx Tomcat service remains in activating state after system reboot 
• Errors in \ThingworxStorage\logs\ApplicationLog.log

[L: ERROR] [O: c.t.s.ThingWorxServer] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] Connections could not be acquired from the underlying database!
[L: INFO] [O: c.t.p.p.PersistenceProvider] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] Connection ThingworxPersistenceProvider, type PostgresPersistenceProviderPackage stopped
[L: WARN] [O: c.t.p.p.PersistenceProvider] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] Could not find persistenceProviderPackage PostgresPersistenceProviderPackage and thus could not stop data processing

[L: WARN] [O: c.m.v.r.BasicResourcePool] [I: ] [U: ] [S: ] [P: ] [T: C3P0PooledConnectionPoolManager[identityToken->1dy0bthb0h6cir015k8r7b|28ce8502]-HelperThread-#5] com.mchange.v2.resourcepool.BasicResourcePool$ScatteredAcquireTask@802eb7f -- Acquisition Attempt Failed!!! Clearing pending acquires. While trying to acquire a needed new resource, we failed to succeed more than the maximum number of allowed acquisition attempts (3). Last acquisition attempt exception: 
[L: WARN] [O: c.m.v.r.BasicResourcePool] [I: ] [U: ] [S: ] [P: ] [T: C3P0PooledConnectionPoolManager[identityToken->1dy0bthb0h6cir015k8r7b|28ce8502]-HelperThread-#5] Having failed to acquire a resource, com.mchange.v2.resourcepool.BasicResourcePool@319e552c is interrupting all Threads waiting on a resource to check out. Will try again in response to new client requests.
[L: ERROR] [O: c.t.s.ThingWorxBootstrapper] [I: ] [U: SuperUser] [S: ] [P: ] [T: main] *** CRITICAL ERROR ON STARTUP: Connections could not be acquired from the underlying database!
[L: ERROR] [O: c.t.s.ThingWorxBootstrapper] [I: ] [U: SuperUser] [S: ] [P: ] [T: main] *** Web Application STATE is being set to ERROR! ***
[L: INFO] [O: c.t.s.ThingWorxServer] [I: ] [U: SuperUser] [S: ] [P: ] [T: main] >>>>>>> PLATFORM SHUTDOWN START <<<<<<<<<

• Error in \ThingworxStorage\logs\ErrorLog.log

[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-2] Unable to get the default persistence provider. 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-2] null 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] Connections could not be acquired from the underlying database! 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] Unable to initialize and start system: Connections could not be acquired from the underlying database! 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] *** Web Application STATE is being set to ERROR! *** 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] Could not load session timeout from database, using default: null 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: SuperUser] [S: ] [P: ] [T: localhost-startStop-1] SCIMProvider initialization failure.  Thingworx Server is not running 
[L: ERROR] [O: E.c.q.l.c.Logger] [I: ] [U: ] [S: ] [P: ] [T: http-nio-8080-exec-1] Could not handle request