I feel like my comprehension skills must be lacking, so I'm here asking for some help.
With BE SBE 2012 the licensing guide says this:
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Purchase one Backup Exec 2012 Small Business Edition to protect oneserver which also manages the backup environment and all tape/ diskstorage devices used for backupThe Backup Exec 2012 Small Business Edition includes protection for:ExchangeActive DirectorySQLSharePointHyper-VI don't believe that the Hyper-V role is supported by MS on SBS2011, so this implies to me that there is probably agent/license support for SBS as a VM on top of (say) WS2008 or WS2012.
The following, also in the license guide, seems to confirm that additional agents/licenses would be required for up to two additional servers which are remote (because, presumably, they are hosts ... VM's appear to be covered already by SBE...