Is the webproxy.exe process a virus, spyware or malware?

Process description:

AntiVirus Process

Author: Panda Security
Part of: Panda Anti-Virus
Process 'webproxy.exe' is associated with anti-virus software produced by 'Panda Security'.

webproxy.exe is an anti-virus 'proxy' utilised by the Panda security software. The webproxy.exe process communicates with the Panda server for service updates, etc.

Anti-virus software is a computer program that identifies and attempts to neutralise or eliminate malicious software (Malware).
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What is this webproxy.exe process and what does it do?
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Anyone have ANY info?
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