Starting with Color Factory 8.0 build 800, the software is 64-bit. Future versions of Color Factory will be 64-bit only, so you will need to make the migration at one point or other. Bug fixes and security improvements will not be offered for the outgoing 32-bit version.
This document outlines points to remember that may have a bearing on your planning of the update.
ODBC connections will need to be re-setup
Earlier (i.e. 32-bit) versions of Color Factory used 32-bit ODBC drivers to connect to databases. With a 64-bit version of Color Factory you need to reconfigure any system DSNs to use 64-bit drivers.