Unable to install DPM 2012 SP1 Agent

I was trying to install DPM 2012 SP1 agent using push method from DPM server and installation job was failing with following error on DPM server:

Agent operation failed. (ID 370)

An error occurred when the agent operation attempted to create the DPM Agent Coordinator service on protected server. (ID 347 Details: The service did not respond to the start or control request in a timely fashion)

On protected server two sidebyside events with event ID 33 were logged in Application Log:

Activation context generation failed for "d:\fbe53baf0ccc85b5405e430f\1033\SetupLaunchScreen.DLL". Dependent Assembly Microsoft.VC90.CRT,processorArchitecture="amd64",publicKeyToken="1fc8b3b9a1e18e3b",type="win32",version="9.0.21022.8" could not be found. Please use sxstrace.exe for detailed diagnosis.

Activation context generation failed for "d:\fbe53baf0ccc85b5405e430f\1033\SetupLaunchScreen.DLL". Dependent Assembly Microsoft.VC90.CRT,processorArchitecture="amd64",publicKeyToken="1fc8b3b9a1e18e3b",type="win32",version="9.0.21022.8" could not be found. Please use sxstrace.exe for detailed diagnosis.

 Manual installation of DPM agent is failing with following error message and same two SidebySide events were logged on protected server's application event log:

 



To resolve this behavior, first I've installed Microsoft Visual C++ 2008 Redistributable Package on protected server and then re-run the setup for DPM 2012 sp1 agent. After installing the Visual C++ 2008 redistributable package, DPM 2012 SP1 agent has installed successfully.