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When I entered the license number, the account I was logged on with did not have the right to write to the server's registry. After I logged on locally to the server and granted the proper rights, the problem was gone.
IMPORTANT: If you're getting errors that you can't write to the registry, note that the IIS User needs permission to write to the registry. The logged in account has nothing to do with it.
One can allow the IIS user (IWAM_machinename and IUSER) to write to the registry by adding them to the Administrators Group, license the product, reboot, then remove the write permissions.
If you temporarily add the IIS user to the Administrators group, and you STILL can't get Webbatch licensed without complaining, then try adding the IUSR to all groups you can find in your domain. One user reported that that got it working. In his case, it seems that adding it to administators only did not work.
Article ID: W12483
Filename: Webbatch and Licensing Problems.txt
File Created: 2017:07:28:12:58:12
Last Updated: 2002:05:23:13:37:50