Failed to initialize COM library

By prashant9885 ·
OS - Win 2003 SBS SP2
Sharepoint services 3.0
ARCserve backup 12.1 5582
agent for sharepoint 2007 12.1 5582
All of the above are on the same server.
Along with exchange 2003 and sql 2005 installed on the machine.

I am trying to take backup of sharepoint services 3.0 through arcserve manager.

When I tried to expand the local machine to see
the sharepoint platter, (+) disappeares and doesn't allow me to expand the machine.

I have found below error in sharepoint agent trace

Initialize COM Library failed, Error = 0

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