Hi Darin,
Yes, that shouldn't be a problem, as long as you make sure both application will have the necessary resources to run, and also that your server meets the Supported Platforms for each application.
The following documents show the list of Supported Platforms for the latest version of each application. I'm also linking below a document with some further ideas about the requirements when running Confluence.
Regards,
Gustavo Refosco
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