That 'Read timed out' seems to be self-explanatory....
Did you try any connection tests on that port (from ILMT server side) or just verified that ports are opened on firewall ?
I'd start with verifying TCP connection between ILMT & SQLServer:
curl -v telnet://<SQLServer>:1433
If the above works you could try the JDBC connection test using SetupDatabase script:
..\LMT\wlp\usr\servers\server1\bin\SetupDatabase.bat -verbose
Upon 'Specify the database host...' please fill in the SQLServer with Bigfix's database.
(On 'Do you want to save a new database connection setup' make sure to answer 'n' not to screw up the current temadb connection setup) .