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What is the Freeven pro 1.2 malware and how does it work?

I've noticed on my computer that I have malware running called Freeven pro 1.2 which is detected and removed by herdProtect, but what is this Freeven and what exactly does it do? I'm assuming it has something to do with the banner ads I am noticing in Internet Exlorer that says "Ads by...
adware  Freeven  
Asked Apr 23 '14 at 22:32
 
herdProtect is a second line of defense malware removal platform powered by 68 anti-malware engines in the cloud. Since no single anti-malware program is perfect 100% of the time, herdProtect utilizes a 'herd' of multiple engines to guarantee the widest coverage and the earliest possible detection.