I agree with Roberta, I had the same issue, worked with sage for an hour, got escalated and the below was the solution:
""When the activation was updated the activate.pvx does not get copied to the Terminal server. That only happens when the workstation setup is installed on the Terminal Server. In the past the 1 user limit exceeded was a big issues for Terminal servers users and we all learned to manually copy the file in support. With the error being 12 user limit exceeded this time threw me for a loop until Erin recalled the older solution. ""
Error: ""1 user limit exceeded, No valid activation found"", when launching Sage 100 ERP Advanced or Premium through Terminal Services or Citrix from more than one workstation
Products
Sage 100
Resolution
Copy the ""Activate.pvx"" from the ""..\MAS90\Home\Lib\Keys"" directory where Sage 100 is installed, to the ""..\MAS90\Home\Lib\Keys"" directory where the Workstation Setup client has been installed on the Terminal Server. See the detailed steps below:
On the Application Server:
1.Stop the Sage 100 Advanced or Premium (formerly Sage MAS 200 or MAS 200 SQL) Service or Application
2.Verify that there are no ""Pvxwin32.exe"" processes running in Task Manager
3.Via Windows Explorer, access the ""..\MAS90"" directory where Sage 100 ERP is installed
4.Open the ""Home"" folder in ""..\MAS90""
5.Open the ""Lib"" folder in ""..\MAS90\Home""
6.Open the ""Keys"" folder in ""..\MAS90\Home\Lib""
7.Copy the ""Activate.pvx"" file located here
oNote: Right-click the file, select Copy
On the Terminal Server:
1.Right-click the short-cut icon used to launch or access Sage 100 (formerly Sage MAS 200)
2.Select Properties
3.Click the Open File Location button to access the ""..\MAS90\Home"" directory where Sage 100 ERP Workstation Setup client is installed
4.Open the ""Lib"" folder in ""..\MAS90\Home""
5.Open the ""Keys"" folder in ""..\MAS90\Home\Lib""
6.Rename the ""Activate.pvx"" file located here
oNote: Right-click the file, select Rename, and give the file a different name
7.Paste the ""Activate.pvx"" copied from the Application Server into the ""..\MAS90\Home\Lib\Keys"" folder.
oNote: Right-click in a blank area in the folder, then select Paste to past the copied file.
Back on the Application Server:
1.Restart the Sage 100 Advanced or Premium (formerly Sage MAS 200 or MAS 200 SQL) Service or Application
Back on the Terminal Server:
1.Verify that multiple users can log into Sage 100 from the Terminal Server