Had the same problem, try this link:
https://support.microsoft.com/en-us/kb/2999226
Thanks for posting this, I used the same update to fix my home computer but when I tried to install it on the computers at school but the windows update wouldn't install T_T. I then tried to run the portable version (for 1.1.2) and got an error that is linked to the same issue (MSVCP140.dll - a missing dll file that is somehow linked to the KB2999226 Universal runtime for windows update). A coworker tried to install visual studio 2015 as they had read that it would solve the issue but that wouldn't install either.
OT 1.1.0 will install but it doesn't the feature that I need (to change the default save directory to a USB). The security software on the computers erases everything that is installed by students on reboot - students have to save to USBs.
The computers are running Windows 7 Enterprise 64bit with service pack 1 installed.
If anyone has any suggestions, please let me know. I was really looking forward to using 1.1.2 with the students. Saving with 1.1.0 is a massive headache and a bit too difficult for my elementary school students.