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Why yes, I am a fancy boy. Merci beaucoup.
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It's a pun. "Space" in French is "espace" - it's more of a schwa+s than "a+s" so "eSpace" is the everyday French word espace but with a capital S to make a visual pun on e- prefix for electronic.
it'd be like calling an online property maintenance service eState (estate like property + electronic state for maintenance)
Wow I'm really impressed with the equivalent example you came up with, it explains it perfectly.