The application is a firmware updated for LG phones. This type of applications allows you to upgrade or downgrade firmware versions for LG phones. If you don't have an LG phone then the software was installed with another application which in this case you can remove safely (Start > Run > type Msconfig and press Enter, then to Startup tab and uncheck its entry).
On the other hand, removing the application might cause damage to firmware updating in case you have a LG phone.