Searchex is a homepage- and search-hijacker pointing at searchex.com.  
 
Instead of directly changing the Start Page setting directly, it uses an Internet Explorer Browser Helper Object to redirect newly-opened windows. This results in the original Start Page being briefly visible then being replaced.  
 
An IE Search Hook is used to redirect address bar searches and invalid domain name pages to cantfind.com, which may redirect to MSN or 7Search.  
 
Distribution
Bundled with 'NetSpeed' software from winstream.com, who are believed to be the authors of Searchex.  
 
What it does
Advertising
No.  
 
Privacy violation
No.  
 
Security issues
No.  
 
Stability problems
No.  
 
Removal
There is no uninstall option, but Spybot S&D update 2-2-03 and later can remove Searchex automatically.  
 
Manual removal
Before you can delete the two DLLs Searchex installs, you must deregister them. To do this, open a DOS command prompt (from Start->Programs->Accessories) and enter:  
 
cd "%WinDir%\System"  
regsvr32 /u IEBrw.dll  
regsvr32 /u HomePage.dll  
You can then restart and delete the files IEBrw.dll and HomePage.dll from the System folder (Windows\System under Windows 95/98/Me, or Windows\System32 under Windows NT/2000/XP).  
 
Finally, reset your homepage (Internet Options->General->Start page) and search settings (Internet Options->Programs->Reset Web Settings).