It appears to be licensed to the user ON the workstation.

At least, this is what my testing reveals.

On Oct 9, 2011, at 10:00 AM, sparky62 wrote:

> We have a team of several devs and have acquired a Versions license
> for each dev. Unfortunately when a developer logs onto another dev's
> mac, the copy of Versions claims to be unlicensed (even tho it has a
> license installed). Is the Versions license associated with the user
> or the workstation?
> 
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