"Olivamide..." means carboxylic acid amides of fatty acids derived from olive oil. "Betaine" means a quaternary ammonium compound with three methyl groups. Betaine is a derivative of the amino acid glycine and is produced as a by-product of sugar production from sugar beet molasses (Beta vulgaris, hence "betaine").
Olivamidopropyl betaine is used in cosmetic formulations. The compound acts as a surfactant (washing-active substance) and foaming agent (enhances foaming and improves volume, structure and durability of the foam) as well as a hair conditioning agent (makes the hair easy to comb, smooth, soft and shiny and gives it volume).