Well, you've sort of answered your own question, there... It's a download manager.
In case you don't what a download manager is, it's a bit of software that makes the most of the available bandwidth of your internet connection when downloading multiple files. By default, most internet browsers can only handle around three simultaneous download streams, whereas a download manager can cope with many more.
As to why it's wanting to install itself on your computer, my guess would be that it's been bundled with a bit of software you have recently installed, or affiliated with a website you have recently downloaded something from.
iLivid has the following known online affiliations:
It's probably also bundled with any number of free applications, to give the developer some affiliate revenue.
The good news is that iLivid is not malware, nor is it harmful to your machine.
Swiss likes to tweet! Follow me @SwissMorgan
My current car: 2004 (04) VW Golf 2.0 GT TDi 140 DSG
My previous car: 1999 (T) Alfa Romeo 166 2.5 V6 24v Sportronic Lusso
My username: AramisEvilSwissToniTMI
Aramis of the SMUTsketeers, honorary member of the Durty Dozen, founder of The Literate and member of Trumpets and Muppets.