You can use one VUL to protect a VM today and move it to protect a physical server or a cloud instance tomorrow.
Are you looking to or upgrade an existing one ? veeam backup and replication 12 license key
The modern standard. It is a portable, workload-focused license that allows you to protect cloud, virtual, and physical workloads interchangeably. Perpetual License: Veeam Backup & Replication 12 — License Key
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