No, the software doesn't do that. In fact, the Software Informer client is a utility that scans your computer for installed applications and provides latest updates for them. Basically, it makes updating more simple since you don't have to visit the official website for each application, download the package to install it. The latest client allows you to install updates in a user-friendly way. I have the software on my computer and use it for the updating part.
For more information, check the official website: http://software.informer.com/landing/