It took a click on the self-named application link in the beginning of the (very long) article, and some reading, before the name finally clicked. Memorylage is a portmanteau of "memory" and "collage", since the application shows a collage of your digital images.
Or, hm, since "memory" is actually fully in there, perhaps that disqualifies it as a portmanteau ... then it might be a blend, instead (http://en.wikipedia.org/wiki/Blend).
Or, hm, since "memory" is actually fully in there, perhaps that disqualifies it as a portmanteau ... then it might be a blend, instead (http://en.wikipedia.org/wiki/Blend).