Here's my situation: I have 1 VM that is running SharePoint 2010 SP1. I have a different physical server that is running SQL Server 2008 R2 that hosts all the configuration and content database for SharePoint.

Now, we want to start providing BI capabilities to our users with SharePoint and SQL Server. With it's new features, 2012 is the obvious way to go. To support this, I'm looking to build a new VM that will have SQL Server 2012 installed w/ Analysis services and SSIS, which will be the platform that gets our data from our Oracle databases, puts it in a warehouse hosted by the SQL 2012 instance, and is put into cubes.

What's getting me about the platform is licensing for Reporting Services and PowerPivot. My plan was to install SSRS and PowerPivot on the current SharePoint server. But my understanding of the licensing means that instead of the new SQL server being licensed, I'd have to license both new server, and the SharePoint server. Conversely, I could install SharePoint onto the SQL server, and only have to get a second SP license, but then I'd have the added complexity of deploying a separated application server, and combines my data and application servers.

Is my licensing understanding correct, or can I have SSRS and PowerPivot installed separately without incurring additional licensing costs?