Unix command to search and replace text recursively

Also are there any alternate commands that provides same functionality in Unix

Yes you can do all this in find itself:

find ./myFolder -type f -exec sed -i 's/Application/whatever/g' '{}' \;

-exec option in find is for:

-exec utility [argument ...] ;
True if the program named utility returns a zero value as its exit status. Optional arguments may be passed to the utility. The expression must be terminated by a semicolon ('';''). If you invoke find from a shell you may need to quote the semicolon if the shell would otherwise treat it as a control operator. If the string ''{}'' appears anywhere in the utility name or the arguments it is replaced by the pathname of the current file. Utility will be executed from the directory from which find was executed. Utility and arguments are not subject to the further expansion of shell patterns and constructs.