TOOLBARUPDATER.EXE is also known as the ToolBarU Application of AVG Technologies. This is a background Windows service that automatically runs on computer start-up. It intends to automatically update the AVG Secure Search browser application.
Although this executable is not marked malicious, several third party researchers tag this as an unwanted application. Without the user's permission, this search tool changes the browser's homepage and default search engine to AVG Secure Search. Such behaviour is considered by some (if not most) researchers and end-users as "browser hijacking".
This AVG utility is usually found in "C:\ProgramFiles\Common Files\AVG Secure Search\vToolbarUpdater\x.x.x\".