Yes, the name is from the King Arduino of Ivrea (Ivrea is a city where Olivetti was born; does anybody remember Olivetti? It is closed to Torino, the city where FIAT was born).
Arduino trusted in freedom.. He thought Italy may be free from other dominations.
The Church was not so glad about Arduino but people called him "the first Italy's king" in honour of his ideal...
The name of the pub comes from this wonderful king...
I hope i could explain the story of the name with my poor english 
It is very hard writing about something different form arduino or pc in other language...