It's a French Canadian company, so unlikely to have any Italian influence in the naming- but I think it's a sort of made up word. I always pronounce the Cé with a soft C, as Sé.
Gerard Vroomen himself admits it's nicked from the Italians. The é is further down the name. It's Cervélo, not Cérvelo.
@Mr_B started
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It's a French Canadian company, so unlikely to have any Italian influence in the naming- but I think it's a sort of made up word. I always pronounce the Cé with a soft C, as Sé.