We got this error while installing Sage 300 15.1 R2.  the error came up while the Crystal reports runtime was being installed.  

The way we fixed it was to manually Download Microsoft C++ Redistributable Package for x86 platforms. and install it.    Our server is 2008R2, regardless of 64bit the 32bit x86 had to be installed.  We also had to reboot the server after installing the redistributable.   After rebooting the server We went back into the sage 15.1 install folder and looked for the crystal report install program found in (Sage 300 CRE Accounting 15.1 Rev 2\151_Rev2_Accounting\AccountingServer\Install\Prerequisites\Crystal Runtime Engine (x86)).  We reinstalled the program and was able to successfully register the dll's without issue.  

Hope this helps anyone else that runs into this issue.