Vimeo is a video sharing website that is known for hosting crisp HD video. The company has acquired Echograph, a popular iPhone and iPad app developed by Clear-Media. Echograph lets you build creative videos that look like animated GIFs. After the acquisition is completed, Vimeo will most likely make the $2.99 Echograph app free. The Echograph team will be reporting to Vimeo president Dae Mellencamp. The terms of the deal were undisclosed.