Terracotta 4.3 exception while initialization - spring

Question

I have downloaded trial version of terracotta 4.3 and am trying to configure my application that was earlier using terracotta 3.7 to use the new version. Have done the changes as suggested in the documentation QuickSetupGuide but am getting the below error. Any suggestions or pointers to fix the issue would be higly appreciated. My application uses spring 3.2.1.
ERROR 2015-07-20 18:03:03,276 (org.springframework.web.context.ContextLoader) - Context initialization failed
org.springframework.beans.factory.BeanCreationException: Error creating bean with name 'pendingAccountCacheManager' defined in URL [file:/C:/dev/apache-tomcat-7.0.16_1/webapps/account/WEB-INF/classes/context/account-cacheloader.xml]: Invocation of init method failed; nested exception is net.sf.ehcache.CacheException: Unable to load class net.sf.ehcache.terracotta.ExpressEnterpriseTerracottaClusteredInstanceFactory. Initial cause was org.terracotta.toolkit.ToolkitInstantiationException: toolkitUrl should be of form: 'toolkit:terracotta://server:tsa-port', invalid server:port specified - 'toolkit:terracotta://localhost:9510'
at org.springframework.beans.factory.support.AbstractAutowireCapableBeanFactory.initializeBean(AbstractAutowireCapableBeanFactory.java:1486)
at org.springframework.beans.factory.support.AbstractAutowireCapableBeanFactory.doCreateBean(AbstractAutowireCapableBeanFactory.java:524)
at org.springframework.beans.factory.support.AbstractAutowireCapableBeanFactory.createBean(AbstractAutowireCapableBeanFactory.java:461)
at org.springframework.beans.factory.support.AbstractBeanFactory$1.getObject(AbstractBeanFactory.java:295)
at org.springframework.beans.factory.support.DefaultSingletonBeanRegistry.getSingleton(DefaultSingletonBeanRegistry.java:223)
at org.springframework.beans.factory.support.AbstractBeanFactory.doGetBean(AbstractBeanFactory.java:292)
at org.springframework.beans.factory.support.AbstractBeanFactory.getBean(AbstractBeanFactory.java:194)
at org.springframework.beans.factory.support.DefaultListableBeanFactory.preInstantiateSingletons(DefaultListableBeanFactory.java:608)
at org.springframework.context.support.AbstractApplicationContext.finishBeanFactoryInitialization(AbstractApplicationContext.java:932)
at org.springframework.context.support.AbstractApplicationContext.refresh(AbstractApplicationContext.java:479)
at org.springframework.web.context.ContextLoader.configureAndRefreshWebApplicationContext(ContextLoader.java:389)
at org.springframework.web.context.ContextLoader.initWebApplicationContext(ContextLoader.java:294)
at org.springframework.web.context.ContextLoaderListener.contextInitialized(ContextLoaderListener.java:112)
at org.apache.catalina.core.StandardContext.listenerStart(StandardContext.java:4723)
at org.apache.catalina.core.StandardContext$1.call(StandardContext.java:5226)
at org.apache.catalina.core.StandardContext$1.call(StandardContext.java:5221)
at java.util.concurrent.FutureTask$Sync.innerRun(FutureTask.java:334)
at java.util.concurrent.FutureTask.run(FutureTask.java:166)
at java.util.concurrent.ThreadPoolExecutor.runWorker(ThreadPoolExecutor.java:1110)
at java.util.concurrent.ThreadPoolExecutor$Worker.run(ThreadPoolExecutor.java:603)
at java.lang.Thread.run(Thread.java:722)
Caused by: net.sf.ehcache.CacheException: Unable to load class net.sf.ehcache.terracotta.ExpressEnterpriseTerracottaClusteredInstanceFactory. Initial cause was org.terracotta.toolkit.ToolkitInstantiationException: toolkitUrl should be of form: 'toolkit:terracotta://server:tsa-port', invalid server:port specified - 'toolkit:terracotta://localhost:9510'
Kindly let me know if any more details are requred.